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Businessuite 2022 Top Jamaica Junior Market Company by US$ Profit After Tax Lasco Manufacturing Limited
| Businessuite 2022 Top Jamaica Junior Market Company by US$ Profit After Tax | ||||||||||
| NR | NR | NR | NR | NR | NR | US$000 | US$000 | |||
| 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | Company | 2022/2021 | 2021/2020 | ||
| 1 | 4 | 1 | 1 | 1 | 1 | JA | Lasco Manufacturing Limited | $8,896 | $6,882 |
The year’s performance can be attributed to our agility in responding to the pandemic by quickly instituting measures, in collaboration with our suppliers and service providers, to safeguard the supply chain; protecting the health and safety of our team members and constantly adapting our operations to respond to changing customer and consumer purchasing behaviour and patterns.
The flexibility, application, and dedication of our teams across the organization throughout the period were also key factors in the successful out-turn.
We continued our relentless drive, notwithstanding the pandemic for continuous improvement in operating efficiencies in all areas of the operation, making the appropriate investments in process and technological upgrades, business process improvements, and people development. We simplified and delayered the organizational structure becoming more agile and responsive with the aid of on-going
digitalization of the processes.
Cost reduction and efficiency in all spend areas were in constant focus. We completed a number of product and packaging renovations and continued our new product development projects. The expansion of the Powder manufacturing operations, the major capital investment project, was completed and brought into operations in February 2021. This expansion will generate significant cost savings through the streamlining of the operations that it facilitates.
Revenue for the year was $8.2B, an increase of $332M or 4% over the prior year with Gross Profit increasing to $3.1B or 6.8% over the previous year (2020: $2.9B).
Gross Profit Margin increased to 37.9% up 90 basis points from the 37% recorded in the year before.
The margin improvement reflects effects of product mix and gains in manufacturing efficiencies.
Selling and Administrative Expenses, inclusive of marketing support for the various brands were $1.3B or 20% less than in the prior year, yielding an Expense to Sales ratio of 16% compared to 21% in the year before.
We gave special attention to the efficiency of our marketing spend and focused on targeted and effective consumer communication via the various communication
platforms, including on-line and at the point of sales.
Operating Profit was $1.8B, an increase of 40% on the prior year’s $1.3B. Finance Costs were $59M, down from $94M in 2020 – reflecting lower debt stock and interest rates.
As of October 2020, the Junior Market tax remission ended and the full corporate
income tax rate of 25% became applicable (12.5% for the preceding five years).
Net Profit was $1.37B, an increase of 41% on the Net Profit for the prior year.
Our Capital investment amounted to $251M with the major project of the Powder Manufacturing Plant expansion completed.
Our investments will generate important savings in operational costs while at the
same time provide increased capacities.
Our balance sheet remained strong with total assets at year-end of $10.9B, an increase of 11% above the previous year with Non- Current Assets increasing by 2% to $5.2B. Current Assets were $5.6B or 22 % higher than the prior year, while current Liabilities were $1.8B.
An interim dividend of $0.061 per share totaling $251M was paid to Shareholders on July 24, 2020. Shareholders’ equity at year end was $7.9B or 17% above prior year.
Return on Equity was 18.8% compared to 15.6% in the previous year. Earnings per stock unit was $0.33 (prior year $0.24).
As in prior years we maintained our commitment to the responsible use of natural resources and our impact on the environment. Being a producer of bottled water special attention is given to water management and the efficient use of that resource.
Likewise, we remained fully engaged with National Deposit Refund Scheme (DRS) to recover Plastic bottles from the environment and continued to pursue waste reduction throughout the operations.
Our Board of Directors continued to be fully engaged providing invaluable guidance and support on Risk Management, Business Continuity, Compliance and Governance issues and on overall strategies for the business.
Mr. James E.D. Rawle, CD
Deputy Executive Chairman/ Managing Director
https://www.jamstockex.com/wp-content/uploads/2021/07/LASM-Annual-Report-2021.pdf
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