Derrimon Trading sees strong six months period — revenues up by 55%


Derrimon Trading sees strong six months period — revenues up by 55%

Friday, August 16, 2019

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Derrimon Trading Company, a Jamaican food products and distribution company on Tuesday last reported unaudited after tax profit of $162.14 million for the six month period ended June 30, 2019. This total represents a $39.32 million increase when compared with the last period. Revenues also grew exponentially by $2.24 billion or 55.6 per cent to $6.29 billion up from the $4.04 billion reported for the corresponding six months period in 2018.

The company which has been listed on the junior market of the Jamaica Stock Exchange (JSE) since 2013, indicated that the increase in growth was aided by good performances by its new subsidiaries Woodcats International and Caribbean Flavours and Fragrances.

Reporting to shareholders Derrick Cotterell, chief executive officer at Derrimon stated that the group has continued to strategically execute its business plan which has resulted in significant growth during the six month period.

“We experienced steady growth in our revenue in both the distribution and retail segments as well as the recently acquired 100 per cent owned subsidiary, Woodcats International Limited and our other subsidiary, Caribbean Flavours and Fragrances Limited,” he said.

The Group also reported gross profits of $1.09 billion which represents an increase of $362.62 million or (49.57 per cent) above the $731.57 million reported for the comparative period last year. “The growth in gross profit continues to reflect improvements in margins arising from strategies employed within both the distribution and retail segments of the business from procurement to sales,” the report read.

Consolidated operating expenses for the six (6) months period was $824.21 million representing an increase of $264.47 million (47.25 per cent) over the $559.73 million reported for the same period in 2018. This increase was partly due to annual increases in salaries and wages which took effect on April 1, 2019 and costs associated with the full refinancing of short-term debt facilities.

The consolidated profit before tax earned for this reporting period was $186.45 million, an increase of $63.63 million (51.81 per cent) over the $122.82 million reported for the similar period in 2018. The Group net profit was $162.14 million which was an increase of $39.32 million (32.01 per cent) above the $122.82 previously reported.

Also, the consolidated total assets less current liabilities was $2.34 billion compared to the $2.19 billion reported for the similar period in 2018.

“The results for the first six (6) months of 2019 are very encouraging. They are in line with the company's strategy of consolidating the significant gains made in the recent past and concentrating on organic growth for the first half of this year,” Cotterell stated in closing the report.

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