Connect with us

Businessuite Markets

BARGAINS ON HARBOUR STREET Companies going cheap

Published

16 years ago

on

“Those people who step up to the plate with confidence will come out of this crisis very well,”

Michael Lee Chin, Chairman NCB Group.

 

Hit hard by declining earnings, rapid depreciation of the Jamaican dollar, higher than projected interest rates and resulting tightened liquidity, 2008 proved to be the worst in the past six years for the many of the stocks listed on the Jamaica Stock Exchange. Overtaken by developments in the international and local markets, the three JSE indices failed to hold the position held in the early part of the year. Many of the Exchange’s blue chips traded at their lowest levels in 52 weeks as investors sold out and moved away from stocks to money market investments.

The report filed on the Jamaica Stock Exchange website for the end of December indicated that the year’s trading session reflected the following movement of the JSE Indices: –

* The JSE Market Index declined by 27,816.03 points (34.70%) to close at 80,152.03.

* The JSE Select Index declined by 944.23 points (47.57%) to close at 1,984.74.

* The JSE All Jamaican Composite declined by 32,787.93 points (44.31%) to close at 73,994.93.

Overall Market activity resulted from trading in 55 stocks of which 16 advanced, 35 declined and

4 traded firm. Market volume amounted to 2,295,666,264 units valued at over $24,066,168,185.51.

And the trend continues, with more companies trading even lower than the December 2009 closing figures. According to Steven Jackson writing recently in the Caribbean Business Report “The last time the market declined this much was in May 1996 at 12,936 points down 29 per cent year on year. But it is still better than in 1993 when the market lost 65 per cent of its value. It dipped from 32,421 points in January to 11,221 points by January 1994, losing over 90 per cent of its market capitalisation from J$1.45 billion to J$129.8 million according to Bank of Jamaica data.”

According to a leading brokerage firm in a published outlook on the economy for 2009, many of the quoted equity prices appear attractively priced relative to historical values. They also suggest that equity prices may well fall further before a rebound is seen, suggesting that even better bargains are on the horizon.

An interesting point raised by one analyst contact for this article was that “You don’t have to sell a lot of stock to impact price one way or the other.” Suggesting that small stock trades can and have impacted a company’s stock price, which is a concern for many and also implying an opportunity for manipulation. So the big question to be addressed by the Jamaica Stock Exchange is, should small trades be allowed to impact market prices. Businessuite understands that this concern has been raised by some companies. Donette Johnson, Senior Equities Trader at Jamaica Money Market Brokers, in responding to this point indicated that, “As a matter of fact, the JSE has attempted to address the perception of ‘manipulation’ on the market by introducing the average price being used as the closing price for the day. So no longer can brokers use 100 units at 11:59 to close stock prices at higher levels when indeed the market is trading at lower prices (this would give a misconception to investors and cause widespread disharmony among the investing public and even in some instances deter persons from even considering entering the market due to this perception and continued practice by brokers).”

But 2008 was a year when many of the companies listed on the Exchange saw the listed value of their stocks make drastic declines. Volumes traded was also on the high side, where in December for example Cable and Wireless Jamaica Ltd. was the volume leader with 503,461,572.00 units (21.93%) followed by Supreme Ventures Limited with 403,006,606 units (17.56%) and Jamaica Broilers Ltd. with 226,205,373 units (9.85%).

BOJ Impacts Market

According to financial analyst Fayval Williams, one of the contributing factors to the movement away from the stock market was the reversal in the local interest rate trend. Bank of Jamaica began raising interest rates in January, 2008.  Interest rates were adjusted upwards by 1% across all tenors of BOJ instruments and have been rising since then making money market instruments more attractive versus stocks. Donette Johnson Senior Equities Trader Jamaica Money Market Brokers Limited, however saw it differently. “I beg to differ on this point, as interest rates started trending up as soon as the credit crunch hit in September ’08 and financial houses were converting left, right and center in order to meet margin calls being made by overseas brokers. As a result of this pressure to convert to US$ this put added pressure on the J$. So the BOJ responded to stabilise that currency market by increasing local interest rates.”

Another factor argued by Fayval Williams was the weakening economy going forward as investors realized that the US recessions would spill over into Jamaica via remittance, tourism and bauxite sectors. This spelt a more uncertain economic environment and weaker profits for companies, not a good backdrop for stocks.

Other investors have also argued supporting Williams’s view that the high interest rate, initiated by the BOJ impacted the stock market last year as a result investors not able to realise the comparable 25% return on stock investments shifted by selling stocks and putting the money in high BOJ induced interest rates. It was even argued by some that the actions by investors looking forward were pre-emptive as they opted to move funds now rather than wait in an uncertain environment.

With the prevailing tight liquidity conditions on the international markets, the Government of Jamaica has increasingly turned to the local market to meet funding requirements.  This creates added impetus for further increases in interest rates locally and movement away from stocks. (Note: interest rates started to trend downwards sometime in March).

Marlene Street-Forrest General Manager of the Jamaica Stock Exchange was recently quoted as saying “Hardly any analyst would be able to say to you specifically when you are going to see a recovery. We are hoping it will rebound by next year but I have not applied any scientific basis.” (Did you ask Mrs. Street-Forrest for a guesstimate on the performance of the indices this calendar year end 2009?).

Street-Forrest blamed the ongoing decline in market performance on the global meltdown, high interest rates and its crippling spill over effect on company earnings in 2008.

“We have seen share prices at one of the lowest in recent times. This can be accounted for by the general bear market that we have seen that has continued over the last two years and has been coupled by the global financial crisis. Also, some of the companies financial returns posted lower than projected,” she said adding that now is the time to buy stocks.

The economic environment will affect the speed of recovery she stated, adding that the 2009/10 budgetary measures are being analysed to determine its effect on business.

The role of interest rates

“Interest rate reduction will play a factor in the demand for stocks. Next we are looking at the situation in the global arena and the recovery in overseas equity markets. Markets are based on confidence and the extent that investors feel there is more risk in the equities market then they will tend to shy away from it,” she argued.

As one high profile trader indicated “Stocks go up when companies are reporting rising profits but companies were reporting negative company profits going forward as people were buying and consuming less so this was also a contributing factor in my shifting funds away from stocks last year.”

Consumer Confidence Falls

The recently published Jamaica Chamber of Commerce (JCC) consumer confidence report said consumers judged the current state of the economy more negatively than the third quarter of 2008, these downbeat assessments did not cause pessimism about future economic prospects, It was reported that one third of all consumers at the close of 2008 felt that the economy had worsened, up from one in four at the start of the year. At the same time the proportion of consumers that anticipated better conditions remained largely unchanged, the report added.

However, Professor Richard Curtin, head of survey research unit at the University of Michigan, sees the optimism as somewhat surprising given the global economic slowdown and Jamaica’s dependence on tourism and remittances. “Consumers do not expect the kind of slowdown in the economy that I think is going to happen,”

Companies respond

As early as mid 2008 it was quietly reported that companies had already started to respond to the reduction in their income and profitability by laying off staff, seeking increased efficiencies in operation and purchases coupled with the overall use of assets. Going forward into 2009 and early 2010 financial institutions will see a further slowing down of their earnings as loan portfolios are not expected to grow at previous pace due to all the aforementioned factors. Manufacturing companies it is argued should benefit from moderation in prices, but will be adversely affected as consumers cut back on consumption due to lower disposable incomes.

Pessimistic Outlook Hides Value

“Wealth is created by owning businesses”.

Michael Lee Chin, NCB Group Chairman in a recently published article in the Caribbean Business Report recalls that about 10 years ago many Jamaican assets were snapped up by our Caribbean ‘brethren’ but with stock prices down all over the world he believes Jamaican companies now have an opportunity to buy back those companies and continue to make them profitable.

“If you are a foreign investor who bought a Jamaican asset 10 years ago, even though the asset as measured in Jamaican dollars has done well, by foreign currencies and hard assets that’s a different matter.

If you look at stock prices of the likes of Caribbean Cement, NCB, Grace, Guardian, they are now low. The question though is: who has money to acquire these assets? Who is liquid? Well, our pension funds are liquid. Our pension funds have gotten into the habit of investing in repos and government paper. Now that is not investing.

The pension managers are not optimising the wealth creation portion of their portfolios. Over the long haul, equities have always proven to be the best asset class, so now is a great time to be buying them because they are historically cheap.”

Where are they?

But where exactly are the bargain buys? Michelle Hirst, Research Manager at Stocks & Securities Ltd (SSL) thinks the following stocks are at bargain BUYS, plus just as important, strong business models, strong barriers to entry, strong management and above average long-term growth rates with a proven track record:

o   Pan-Jamaican Investment Trust

o   GraceKennedy

o   Salada Foods Jamaica Ltd

o   Jamaica Producers

o   Jamaica Broilers Group

o   Scotia Group Jamaica

o   Desnoes & Geddes

However, she continues “ we do think that local equity prices still have an inherent short-term (one year or less) downside risk of 20-30% from current price levels, dependent on how worse the credit crisis gets, recession, etc, where the DOW heads to, which we anticipate to be 6,600 points or less.

Therefore, although SSL does not advise clients to try and time the market, we recommend to cautiously BUY the above levels/positions and if we see for example Pan-Jam trade down to 18-20, we would recommend more aggressive purchasing here.

Also note another negative that always affects our market in the short-term is high interest rates as investors’ put funds to work in fixed income v. local equities. For the long-term YES the above equities show strong value at current prices meaning an investor to hold for 3 years or longer from “t”.”

According to one leading brokerage firm, unless there are clear signs of recovery in corporate profits, stability in the foreign exchange markets and lower interest rates, causing stock prices to move back up, investors will not go back to the equities market. They also suggest that if the local dollar continues to depreciate at its current pace, the possibility still exist that interest rates could go higher.

So with corporate profits expected to weaken in 2009 as further softening in consumer spending take place the projection is for flat market conditions in 2009.

For many this downward movement in stock prices was a direct response to the local and global economic crisis, the upward shift in interest rates and the continued fallout from the failed alternative investment schemes. But for the calculated few with cash, this is an opportunity to make a move on some bargain buys on Harbour Street. The expectation is that the present financial crisis will be over before the end of 2010 if not before, so buying these companies now and holding the stock until they move rapidly back up will give cash hoarding investor’s significant return on their investments. The big question now is other than institutional investors, who has that kind of cash? BM

Additional Source; Compiled from various published and internet sources

Related Topics:
Continue Reading
Click to comment
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments

Businessuite Markets

GraceKennedy Announces Leadership Changes – Don Wehby Retires; New CEO Announced

Published

1 week ago

on

January 14, 2025

By

GraceKennedy Limited has announced key leadership changes, effective February 14, 2025, coinciding with the company’s 103rd anniversary.

After a distinguished tenure, the Honourable Don Wehby, CD, OJ will retire as Group CEO on February 14, 2025, and step down from the Board of Directors. Mr. Wehby joined GraceKennedy in 1995 and was appointed Group CEO in 2011. During his tenure, the company more than doubled in size with revenue moving from J$58 billion in 2011, to J$155 billion in 2023.

Expansion through mergers and acquisitions has been a hallmark of Wehby’s leadership, enabling the company to grow regionally and globally. Under his guidance, it has become one of the largest and most dynamic entities in the Caribbean, with operations spanning the Caribbean, North and Central America, the United Kingdom, and Europe. “I am proud of the progress we have made during my tenure, and I am confident that the new leadership team will take GraceKennedy to even greater heights,” said Wehby. “I want to thank the Board, my colleagues, and our customers for their support over the years,” he added.

Frank James, current CEO of the company’s Domestic Foods Division and former Group CFO, will assume the position of Group CEO on February 14th, 2025, and be appointed to the Board on the same date. Mr. James joined GraceKennedy in 2005 as Vice President of Strategic Planning and Corporate Development. James quickly moved through the ranks, occupying senior roles in both the Food and Financial Services Divisions, before he was appointed Group CFO in 2012. He was also appointed to the Board of Directors that same year. In April 2019, James was appointed Chief Executive Officer, GK Foods Domestic, the largest division in the group of companies, where he has championed growth and efficiency. Under his leadership, revenues for GK Foods Domestic grew by more than sixty percent up to 2023 and continues on that growth path, with even greater growth in profitability over the period.

“I am honoured to take on the role of Group CEO and lead the GraceKennedy team,” said Mr James. “We will continue to focus on delivering value to our customers, shareholders, and the communities we serve,” he added.

Professor Gordon Shirley, Chairman of GraceKennedy Limited, commented, “Don Wehby is an exceptional leader who sees opportunities in challenges and leads by example. We are grateful for his innovative spirit, impeccable work ethic and dedication to ensuring that the company continues to make a difference in the communities we serve. Don’s leadership and vision has been instrumental in shaping the company into what it is today.”

He added, “We welcome Frank to his new role as Group CEO and I have every confidence that his strong leadership will ensure continued growth and innovation across the business. The best is yet to come for GraceKennedy.”

Professor Shirley also expressed his gratitude to Andrew Messado, GraceKennedy Group CFO, for his exemplary leadership during the transition period, following Don Wehby’s temporary leave of absence as Group CEO, in late 2024. The GraceKennedy Chairman noted, “Mr. Messado’s steady hand ensured the company’s continued momentum, and his contributions during this period are gratefully acknowledged.”

These leadership changes are in keeping with the company’s succession plan and are designed to ensure continuity and drive future growth, in line with its 2030 Vision of becoming the Caribbean’s #1 brand with Jamaican roots and a global reach.

GraceKennedy Limited has named Frank James as its new Chief Executive Officer (CEO) as it announced the retirement of Don Wehby from the post.

In October last year, Wehby announced he was taking temporary leave from his role to focus on his health.

In a media release on Tuesday, GraceKennedy said Wehby will retire as Group CEO on February 14 and step down from the board of directors.

Wehby joined GraceKennedy in 1995 and was appointed Group CEO in 2011. During his tenure, the company more than doubled in size with revenue moving from $58 billion in 2011 to $155 billion in 2023.

Professor Gordon Shirley, Chairman of GraceKennedy Limited, commented, “Don Wehby is an exceptional leader who sees opportunities in challenges and leads by example. We are grateful for his innovative spirit, impeccable work ethic and dedication to ensuring that the company continues to make a difference in the communities we serve. Don’s leadership and vision has been instrumental in shaping the company into what it is today.”

James, who is the current CEO of the company’s Domestic Foods Division and former Group Chief Financial Officer, will assume the position of Group CEO on February 14 and be appointed to the board on the same date.

James joined GraceKennedy in 2005 as Vice President of Strategic Planning and Corporate Development. He quickly moved through the ranks, occupying senior roles in both the Food and Financial Services Divisions, before he was appointed Group CFO in 2012. He was also appointed to the board of directors that same year.

In April 2019, James was appointed Chief Executive Officer, GK Foods Domestic, the largest division in the group of companies, where he has championed growth and efficiency. Under his leadership, revenues for GK Foods Domestic grew by more than 60 per cent up to 2023.

In commenting on his new role, James. said, “We will continue to focus on delivering value to our customers, shareholders, and the communities we serve.”

Continue Reading

Businessuite Markets

Who Is Frank James New Chief Executive Officer (CEO) Of GraceKennedy Limited?

Published

1 week ago

on

January 14, 2025

By

Frank James has been appointed as the new Chief Executive Officer (CEO) of GraceKennedy Limited, effective February 14, 2025, succeeding Don Wehby, who is retiring after a distinguished tenure.

Professional Journey at GraceKennedy

James joined GraceKennedy in August 2005 as Vice President of Strategic Planning and Corporate Development for the Information Services Division.
In December 2006, he became Principal of GK Investments, now known as GraceKennedy Financial Group.

His career progression included a secondment to GK General Insurance Company in April 2010 and a subsequent role in the Corporate Finance and Accounting Department in November 2010.

In 2012, James was appointed Group Chief Financial Officer (CFO) and joined the Board of Directors.

In April 2019, he became CEO of GK Foods Domestic, the company’s largest division, where he led significant growth, with revenues increasing by more than 60% up to 2023.

Educational Background and Early Career

James holds an undergraduate degree from the University of the West Indies, Mona, and an MBA from UCLA Anderson School of Management.

Before joining GraceKennedy, he gained experience at Desnoes & Geddes Ltd. and PricewaterhouseCoopers Jamaica.

Leadership Philosophy and Vision

Known for his strong financial acumen and strategic planning skills, James has been instrumental in driving efficiency and growth within GraceKennedy’s domestic food operations. As he steps into the role of Group CEO, he emphasizes a commitment to delivering value to customers, shareholders, and communities.

Personal Life

James is a family man who places God first in his life. He is an alumnus of Wolmer’s Schools, reflecting his deep roots in Jamaican education.

Community Engagement

Beyond his corporate responsibilities, James is actively involved in community development initiatives. He has participated in campaigns encouraging positive change, such as the “Graceful Wish” project, which aims to make a difference in local communities.

Frank James’s appointment marks a new chapter for GraceKennedy Limited, with expectations that his leadership will continue to drive the company’s growth and commitment to excellence in the years ahead.

Continue Reading

Businessuite Markets

RJR Group Continues To Be Negatively Impacted By Softness In Advertising Market

Published

3 weeks ago

on

December 29, 2024

By

Q2 2024 (Ended September 30, 2024 ) continued to be impacted by both local and international challenges, inflation and increased costs. The Group continued to experience softness in the overall advertising market as businesses repotted the continued impact of local and global economic conditions. The Group’s advertising revenues were more than last year due to the broadcast of the Olympic Games in July and August 2024. The quarter was also impacted by some one-off costs of approximately $25 million incurred related to restructuring expenditure as part of the move to a new target operating model (TOM)

The Group recorded a pre-tax loss of $1 18 million and an after-tax loss of $103 million for the quarter, compared to a pre-tax loss of $79 million and an after-tax loss of $65 million for the prior year period. This profit performance represents an improvement over the quarter to June 2024 where the pre- and post-tax losses were $183 million and $167 million, respectively. This loss reduction is directly attributable to the Implementation of cost management strategies and efforts to ensure that advertising revenues were maximized from programmes aired during the period.

Primary contributors to this quarter’s performance, compared to prior year were:

  • An overall improvement of $56 million (3.9%) in the Group’s revenues, driven mainly by an increase in the Broadcast Division revenues associated with the airing of the Olympic Games (for which the company held the broadcast rights for Television only).
  • A decline in revenue in the Audio segment of $24.5 million (12%); a result of the pressure on advertising budgets, highlighting the need to find new strategies to attract businesses to this medium
  • A decrease in other income of $7million (17%), as a result of a reduction in income from noncurrent investments held.
  • An increase in direct expenses of $73 million (10.8%), due to the increased costs associated with the broadcasting of the Olympic Games,
  • An increase in selling expenses of $13.9 million (5.2%), commensurate with increased revenues.
  • An increase in administrative expenses of $2.4 million (0.6%) which was offset by the reduction in other operating expenses by $5.6M (2.6%). The containment in costs is a result of cost-saving initiatives that have been implemented. The expense movement was driven primarily by increases in staff-related costs, insurance costs and higher depreciation expenses relating to investments in infrastructure upgrades. While there has been an overall loss in the quarter, the Group continues to implement measures that will lead to further cost reductions through restructuring our expenditure profile as part of the move to a new target operating model (TOM).

Management continues to focus on the implementation of the five strategic imperatives designed to return the Group to sustained profitability. Implementation of the web-based top-up product (partnering with an overseas entity) will be completed in the next quarter Implementation of the NCB Go rewards platform is one of the most significant revenue diversification opportunities and we are hoping to launch the platform in the fourth quarter of the financial year. Initiatives relating to the digital transformation of our products are also being pursued for future revenue impact.

The Group will continue to focus on increased presence and influence in the digital space while producing content that fulfills the needs of the market.

 Anthony Smith Chief Executive Officer RJRGLEANER Communications Group (the Group) 

For More Information CLICK HERE

Continue Reading

Businessuite Markets

Fontana Reporting Comparative Q1 Revenue Jump of 16.2%, Q2 Anticipated To Be Best Yet!

We saw increased revenues in all our locations, including our newest store in Portmore which has largely maintained their break-even monthly sales. Transaction counts, average spend per customer, and prescription counts continue to show month over month gains as we grow our footprint in St. Catherine.

Published

3 weeks ago

on

December 29, 2024

By

Income Statement
Our revenue for the quarter was $2.07 billion, representing an increase of 16.2% over the $1.78 billion for the corresponding quarter of the previous year. Operating profit grew by 26.9%, going from $80.8 million to $102.6 million. Despite increased income tax liabilities (see below), net profit for the quarter was $60.5 million, or 1.5% less than that reported for the same period last year.

We saw increased revenues in all our locations, including our newest store in Portmore which has largely maintained their break-even monthly sales. Transaction counts, average spend per customer, and prescription counts continue to show month over month gains as we grow our footprint in St. Catherine.

Cost of sales increased by 9.9% (compared to 16.2% for revenues) resulting in gross profit moving from $603.2 million to $774.5 million, a 28.4% increase over Q1 last year. Our efforts to capitalize on economies of scale within our procurement and inventory management activities, resulted in a higher gross margin of 37.5%, up from 33.9% in the prior year.

Operating expenses grew by 28.6%, ending the quarter at $671.9 million compared to $522.3 million last year. This was partly attributable to the opening of our Portmore store in November 2023, along with increased staff costs across the network. As we continue to focus on staff retention, engagement and satisfaction, costs and benefits contributed to 58% of the operating expenses increase over last year. Provisions were also made for senior staff retiring in 2025, some with over 50 years of service. We continue to make inroads into industrial security and insurance rates, as well as improve on our conservation efforts as we saw increases in our utilities.

Finance costs saw an increase of 25.3%, moving from $52.6 million in Q1 last year to $65.9 million this quarter, this was mainly attributable to foreign exchange losses on the lease liability (IFRS16) as well as the new store. Other income also grew by 7.7% ending the quarter at $35.7 million as we seek to tap into new revenue streams in the Portmore store.

Fontana Pharmacy has now been listed on the Junior Stock Exchange for 5 years as at January 2024. This achievement means that we now have liability to corporate income taxes, which required a provision of $11.9 million for the quarter. Earnings per share remained constant at $0.05 for both comparable quarters.

Balance Sheet
Total assets at the end of the quarter stood at $5.6 billion, up from $5.2 billion in the previous comparative period, reflecting an increase of 6.2%.
Our cash and cash equivalents remain favorable at $1.2 billion, 4% less than the previous comparative period, this is after the August 2024 dividend payment of $312.3 million. Shareholder’s equity grew to $2.7 billion, up from $2.5 billion or 6.1% over the prior corresponding quarter. This puts us in a strong position to pursue further expansion opportunities as they come up.

Outlook
At the end of this quarter, we were far advanced in the development and adaptation of 2 efficiency tools:
PIMS integrated point of sale system for the pharmacy department – accommodating patient profile access across all stores, adding to the efficiencies for central ordering and inventory management A new integrated HR software – improve efficiencies as well as enhance the experience of team members. Faster processing times, better data analytics and a reduction in errors is expected.

We continue to invest in technology that will improve our efficiency and contribute to a better control environment.
These two initiatives are the ones among the many that keep us relevant and differentiated from our competitors. We are cognizant of the ongoing impact of Hurricane Beryl on the Jamaica’s economic landscape. Early indicators such as the softening of demand for non-essential home items, toys and home décor have been noted. We will continue to monitor these indicators and implement the required strategies to manage the potential impact.

At 7 stores strong, the organization is experiencing a tremendous period of growth and development, well positioned as one of the most recognized retail brands in Jamaica and the premier pharmacy chain across the country. Our second quarter is anticipated to be the best yet!

Anne Chang Director CEO Fontana Limited 

For More Information CLICK HERE

Continue Reading

Businessuite Markets

Despite Growing Losses RA William’s Still Has A Positive Future Outlook

RA William’s gross profit increased by 14%, mainly driven by the introduction of new products across several of our product lines. We recorded a net loss before tax for the quarter of $13.9M, compared to a net loss of $792K for the same period last year.

Published

3 weeks ago

on

December 29, 2024

By

RA William’s gross profit increased by 14%, mainly driven by the introduction of new products across several of our product lines. We recorded a net loss before tax for the quarter of $13.9M, compared to a net loss of $792K for the same period last year.

Our operating expenses ratio for this quarter stands at 45%, up from 38% in the prior year. This increase is primarily attributed to the right of use costs related to our new location at New Brunswick Village, as well as higher technology, staffing, and distribution expenses.

We achieved a revenue of $367M which represents a 0.95% increase compared to the same quarter of the previous year. During this period, we encountered significant challenges, including supply constraints in certain product categories and the effects of Hurricane Beryl, which disrupted operations for many of our key customers, particularly along the south coast.

There was an increase in total assets, of $1.4B. The increase in assets reflects our strategic investments in infrastructure, including the opening of our new office and warehouse at the beginning of the quarter. These investments position us to expand our partnerships with pharmaceutical manufacturers and further strengthen our business.

Enhanced Product Portfolio And New Distribution Channels

Our ongoing efforts to enhance distribution channels, collaborate with stakeholders to manage supply and demand, and fortify our position in a competitive market have allowed us to navigate these challenges effectively. Looking ahead, we anticipate revenue growth driven by the reintroduction of key products under our newly added Fourrts line, expected early in the third quarter.

During the quarter, we were proud to add several new products to our portfolio. Notably, we introduced ColdStop (an over-the-counter day & night cold and flu pack), GasStop (an over-the-counter antacid), and DandZap Plus (a prescription shampoo for dandruff and seborrheic conditions), in partnership with Canadian-based Ryvis Pharma. These additions reflect our ongoing commitment to expanding our market offerings and increasing our market share.

RA Williams remains committed to being a responsible corporate citizen, with a strong focus on education and health and wellness. This quarter, we deepened our support for pharmacists and pharmacy professionals through our sponsorship of the Pharmaceutical Society of Jamaica’s Annual Conference – the premier pharmaceutical event in the English-speaking Caribbean. Our sponsorship provided an opportunity to network with industry professionals, and we also hosted a soft launch for Iracet, the first generic Levetiracetam available in Jamaica, in collaboration with our long-time pharmaceutical partner, Square Pharmaceuticals,
as part of a workshop on epilepsy. Additionally, we sponsored the University of Technology’s School of Pharmacy Pinning Ceremony, where a house was named in honour of our Founder and Chief Quality Officer, Evelyn Williams. These initiatives are a testament to our ongoing commitment to the next generation of pharmaceutical professionals.

Positive Future Outlook
We are encouraged by our continued revenue growth and the expansion of our product portfolio. RA Williams continues to be a preferred distributor to pharmacies and healthcare professionals. Our focus remains on expanding our offerings and improving the customer experience. We are confident in our ability to continue improving access to high-quality, affordable medications in the months ahead.

Audley Reid Managing Director R.A. Williams Distributors Limited

For More Information CLICK HERE

Continue Reading

Trending

0
Would love your thoughts, please comment.x
()
x