Caribbean Flavours goes after more exports
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.