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Businessuite 2016 #1 JAMAICA Companies – US$ Revenue Jnr Market |
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Rank |
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US$000 |
2016 |
Company |
2015 |
1 |
Lasco Distributors Limited |
92,705 |
Stock Exchange: Jamaica Stock Exchange Junior Market
Company: Lasco Distributors Limited
2016 Rank: #1
2015 Businessuite Rank: #
2014 Businessuite Rank: #
Chairman: Hon. Lascelles Chin, O.J., C.D.
Managing Director: Mr. Peter Chin
Address: 27 Red Hills Road Kingston 10 Jamaica, W.I.
Tel: (876) 749-5272
Fax: (876) 749-2966
Website: www.lascojamaica.com
Company Profile:
LASCO Distributors Limited was founded over 24 years ago in September 1988 by Hon. Lascelles Chin. The company listed on the Jamaica Stock Exchange (JSE) on October 12, 2010.
LASCO Distributors Limited is a leading marketing and distribution company in Jamaica. The company markets and distributes food, consumer, personal care and pharmaceutical products for local and international brands as well as its own private brands.
The company is comprised of two divisions: the Consumer division and the Pharmaceutical division.
The LASCO Distributors Limited consumer division is located at White Marl, St. Catherine. The facility is a 25 acre property with over 100,000 sq. ft. of offices and warehouse space. LASCO Distributors Consumer Division is one of the largest distributors of consumer products in Jamaica, with over 250 consumer products.
The LASCO Distributors Pharmaceutical Division, located in Kingston, presently represents a number of international drug houses. The division also distributes LASCO branded vitamins and supplements and a line of generics under the LASMED brand.
Financial Review
LASCO Distributors achieved revenue growth of 17.8% to end the financial year at $11 .1B, which is the highest annual revenue recorded in the company’s history. As it surpassed the milestone of $10B in annual sales.
Total comprehensive income was $579.5M compared to $587.5M the previous year. Net profit was 6.9% lower compared to last year due to a $32.8M adjustment from the implementation of a share option plan granted to key employees and directors as an incentive. Notwithstanding, the company earned $546.7M in net profit.
The shortfall in net profit was also due to the initial investment in technology and staffing. Indirect and direct employment was in excess of 100 persons and consisted of merchandisers, sales promoters, salesmen and delivery agents. This increase in staff was in preparation for new products such as iCool and other powdered beverages from LASCO Manufacturing Limited, as well as distribution for Unilever brands.
It was another productive year as the company was able to successfully enter the competitive and attractive beverage category. The iCool brand of water, flavoured water and juice drinks was met with confident acceptance by customers and enthusiastic demand from consumers.
It was a strategic decision over 10 years ago to acquire the White Marl property based on the solid infrastructure, land space for expansion and most importantly a very good water source. Given this competitive advantage, it has always been the expectation to launch into the branded beverage business and today it has now come to fruition.
Another measure of success was the signing of a distribution agreement for the Unilever portfolio of brands. Unilever is one of the largest multinational companies of Fast Moving Consumer Goods (FMCG), offering premium and well-known brands in many categories. As with all principals, the company is committed to collaborating and playing its role to effectively grow the Unilever business in Jamaica.
Edited from the 2015 Annual Report.
To view full report click HERE