Seprod Group, one of the largest manufacturing and distribution conglomerates in Jamaica with assets nearing $12 billion, saw net profit decline by some 30 per cent in 2015, compared to the previous financial year even though revenue stayed above the J$13 billion mark.

Seprod comprises some 11 companies, ten of which are subsidiaries and one a joint venture manufacturer. As reported in audited financials released this week, the group experienced a decline in net profit to $576.9 million in 2015 compared to $895.37 million in 2014.

While expenses stayed above $11 billion, total revenues fell slightly to $13.78 million compared to $14.1 million the year before.
By segment, manufacturing saw inflows of $12.48 billion in revenue in 2015 compared to $ 12.41 billion the year before, however pre-tax earnings fell to $419.19 million compared to $851.61 million in 2014.

Distribution revenues of $5 billion in 2015 fell marginally compared to $5.2 billion the year before and the segment made a loss of $53.87 million before tax in 2015, compared to pre- tax profit of $108.88 million in 2014.

However Seprod improved liquidity with cash totalling $1.31 billion in 2015, compared to $550 million the year before. Net current assets improved from $11.76 billion in 2014 to $11.99 billion in the year ended.

During the year, the group disposed of half of its shareholding in Jamaica Grains and Cereals on October 5 with the company becoming a joint venture. The new partner was not disclosed. Gain on the sale was reported at $255.48 million.

Seprod subsidiaries are Belvedere Limited (agriculture), Caribbean Products Company Limited ( manufactures and sells oils and fats), Golden Grove Sugar Company Limited and its subsidiary ( sugar production) and Golden Grove Funding Limited ( investment ), Industrial Sales Limited (distribution of consumer products) , International Biscuits Limited (manufactures and sale of biscuits) Serge Island Dairies Limited ( milk products and juices) , Serge Island Farms Limited (dairy farming) and Xaymaca Limited (investment). Joint venture company Jamaica Grains and Cereals produces corn products.

Seventy five per cent of shares in Seprod company are split between Musson Jamaica and the Jamaica Coconut Board. Musson Jamaica has 45 per cent while the Coconut Industry Board controls 31.65 per cent.