Bumper 2018 financial year for Seprod

Bumper 2018 financial year for Seprod

Observer Business Writer

Friday, September 13, 2019

Print this page Email A Friend!

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.

Now you can read the Jamaica Observer ePaper anytime, anywhere. The Jamaica Observer ePaper is available to you at home or at work, and is the same edition as the printed copy available at http://bit.ly/epaperlive




1. We welcome reader comments on the top stories of the day. Some comments may be republished on the website or in the newspaper � email addresses will not be published.

2. Please understand that comments are moderated and it is not always possible to publish all that have been submitted. We will, however, try to publish comments that are representative of all received.

3. We ask that comments are civil and free of libellous or hateful material. Also please stick to the topic under discussion.

4. Please do not write in block capitals since this makes your comment hard to read.

5. Please don't use the comments to advertise. However, our advertising department can be more than accommodating if emailed: advertising@jamaicaobserver.com.

6. If readers wish to report offensive comments, suggest a correction or share a story then please email: community@jamaicaobserver.com.

7. Lastly, read our Terms and Conditions and Privacy Policy

comments powered by Disqus



Today's Cartoon

Click image to view full size editorial cartoon