Seprod forms investment subsidiary Xaymaca
MANUFACTURING and distribution conglomerate Seprod Group formed a new overseas-based investment subsidiary, Xaymaca Ltd.
The company, which was incorporated in St Lucia, aims to efficiently administer equity investments.
“The principal activity of Xaymaca Ltd is the holding of equity investments,” according to notes accompanying the financial report signed by directors Byron Thompson and Geoffrey Messado.
The Business Observer was unable to get clarity on the vision for the new entity, as Thompson did not respond to queries up to press time.
But Seprod did other housekeeping of subsidiaries last year.
During 2013, the group liquidated Jamaica Detergents Ltd and Jamaica Feeds Ltd, which cost the group $3.9 million.
Still, it operates nine active subsidiaries including Belvedere Ltd involved in agriculture, Caribbean Products Company Ltd which manufactures oils and fats; Golden Grove Sugar Company Ltd which produces sugar, and its wholly owned subsidiary Golden Grove Funding Ltd involved in investments; Industrial Sales Ltd involved in the sale of consumer products; International Biscuits Ltd which manufactures and sells biscuits; Jamaica Grain and Cereals Ltd which manufactures corn products and cereals; Serge Island Diaries Ltd makers of milk and juices; Serge Island Farms Ltd involved in farming; Jamaica Edible Oils and Xaymaca Ltd involved in investments.
Golden Grove reported an increase in revenue, from $1.59 billion in 2012 to $1.7 billion last year, but losses increased to $522 million in 2013, up from $224 million the year before.
Seprod made $768 million net profit on $13.9 billion in revenues for its year ending December 2013, which was lower than the $834 million in earnings in 2012.
The group operates two main divisions, including manufacturing and distribution.
Manufacturing earned $674.4 million or roughly half the amount from a year earlier; and distribution earned $94.6 million or some 40 per cent less than a year earlier. It earned an additional $650 million from unallocated corporate income, which hiked operating profit to $1.4 billion.
