LASCO Distributors Limited markets, sells and distributes branded consumer goods in the Nutrition, Hygiene and Healthcare Categories in Jamaica and across several international markets.

The business was established over 30 years ago by the late Honourable Lascelles Chin. In a relatively short time, the company rapidly increased its market presence by offering quality products to market at competitive prices.

This market positioning and the focus on satisfying consumer needs, has led LASCO to become the market leader in several major categories in the industry. The company
is well known for several innovations and product introductions, namely our flagship product LASCO Food Drink and LaSoy range of beverage products, Curves Sanitary Napkins and the iCool range of waters, flavoured waters, and drinks.

The company was listed on the Jamaica Stock Exchange in October 2010 and is comprised of two divisions — the Consumer Division and the Pharmaceutical Division. This segmentation is based on product specialisation which allows for greater focus to meet our customers’ needs.

Revenue
Total Revenue for the year ended 31st March, 2022 was $23.37B, an increase of 15.0% over the previous year. This was the result of sustained broad-based growth in all key categories and brands in both Divisions, driven by increased marketing investment and expanded distribution.

The company continues to execute its strategic framework while reshaping the organization to be more effective, efficient and competitive.

Gross Profit
Gross Profit increased by 6.3% or $230M, to $3.88B, driven by volumes, in line with the company’s objectives. However gross margins decreased from 18.0% to 16.6% as a result of product and freight costs increases throughout the year which were partially offset by measured price increases and changes to the product and channel mix.

Other Income
Other Income for the year was $246.8M, driven by increases in investment and commission income.

Total Administrative, Selling And Other Expenses

Total Administrative, Selling and Other Expenses were $2.86B, an increase of 6.8% driven by increase in brand investment and consumer communication. The expense ratio was 12.2% of Revenue, compared to 13.2% the year before.

Net Profit
The Company delivered a record Net Profit of $1.02B, an increase of 11.8% compared to the year before.

Financial Position
The Company ended the year with $12.45B in Total Assets, an increase of 15.2% over the prior year. Non-Current Assets ended at $2.31B (2021: $2.37). The value of inventories increased by 30.0%, due to an increase in safety stock levels as steps were taken to ensure product supply.

Receivables increased by 22.1%, closing the year at $3.95B and Payables increased by 19.9% to $4.93B, directly related to higher inventory levels. The combined Cash and Short-term investments position ended the year at $2.35B, a 3.6% increase over the previous year.

The company continues to operate without any loans and delivered a strong Return on Equity of 13.95% for the year.

John De Silva
Managing Director LASCO Distributors Limited

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