Bumper 2018 financial year for Seprod

BY KELLARAY MILES
Observer Business Writer

Friday, September 13, 2019

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Seprod is reporting a bumper 2018 with revenues reaching $23.5 billion and an after tax surplus of $1.1 billion, up by $7 billion (43 per cent).

The company reported that total assets grew to $35.3 billion, up by 77 per cent and equity of $15.7 billion, up by 59 per cent.

These were among the key financial performance indicators highlighted by Richard Pandohie, Seprod's chief executive officer and managing director in the 2018 annual report to shareholders, which was approved earlier this week.

The report highlighted Seprod's good performance, as well as a solid balance sheet, which reinforces that the group is on a firm footing to continue to pursue its growth agenda.

“The year 2018 was another year of innovations, domestic sales growth, export sales growth and a massively expanded distribution footprint through the acquisition of the Facey Consumer Division,” Pandohie stated.

The Seprod report indicated that as a tenet of the company's 2019 and beyond objective, Seprod is seeking to continue in driving growth through innovations in all their operations as well as driving distribution synergies to improve efficiencies and distribution footprints so as to gain more control of the supply chain from factory to retail shelves.

Seprod, in ensuring that the benefits and record success that they have attained is translated to members of staff, have also in 2018 approved a scheme which gives employees the option of owning shares in the company.

In its 2018 report, it was noted that approximately 20 per cent of the employees availed themselves of the option, making them owners in the business.

Pandohie said “I think whether it's in a company or a country, you want everybody to share in the wealth creation. As employees you're working everyday and getting a salary, but you're not necessarily going to create wealth out of a salary so you have to be a part of the ownership structure. We were very pleased, when the board allowed that to happen,” Pandohie shared in an interview with the Caribbean Business Report.

“The mental shift from employee to owner will unleash entrepreneurial zeal and ensure that our employees participate in wealth creation,” Pandohie noted.


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