Business

Caribbean Flavours goes after more exports

Sunday, August 31, 2014    

Print this page Email A Friend!


CARIBBEAN Flavours and Fragrances (CFF) expects to secure two new export projects this financial year.

"Decisions on these may be made in the second quarter of this financial year," wrote Anand James, managing director in an emailed response to Jamaica Observer queries.

The value of the projects are yet to be disclosed. "I cannot quantify," he said.

The company made $50 million in net profit on $255 million in sales for its year ending June 30. Earnings were 24 per cent higher than the year before. The profit was due in part to new business that triggered an 11 per cent year-on-year climb in total sales.

"Firstly our growth came from and increased customer base along with strong growth from two of our big customers," said James. "We also won a new project during the year."

CFF supplies over 25 flavours and water-soluble colours to food and beverage manufacturers.

Their customers are located in the US, Canada and Jamaica as well as in five Caribbean countries: Trinidad and Tobago; Grenada; Barbados; St Kitts; and Guyana.

CFF also manufactures and supplies fragrances for household cleaning, body care, and aromatherapy and air refresher industries.

In early August, Derrimon Trading Company Limited acquired a 49 per cent stake in CFF. The shares were sold by CFF founders, Anand and Joan James, for $121.2 million which represented a price of $2.75 per CFF share.

Anand James remains as managing director and is now assisted by Janice Lee, the company's new general manager.

Established in 1998, Derrimon distributes consumer goods to supermarkets and wholesalers islandwide.

Last year, CFF raised $50.6 million following an initial public offering. CFF indicated it would build a chill room that will stock juices and install redundancies for equipment to reduce downtime and maintain product quality.

ADVERTISEMENT

POST A COMMENT

HOUSE RULES

 

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 Some comments may be republished on the website or in the newspaper – email addresses will not be published.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
ADVERTISEMENT
ADVERTISEMENT

Poll

Do you think government is justified in spending $4m to send home Trinidadian Abu Bakr?
Yes
No


View Results »


ADVERTISEMENT

Today's Cartoon

Click image to view full size editorial cartoon
ADVERTISEMENT