HAVING started selling petroleum products during the three months to August 31, Paramount Trading Jamaica posted a 79 per cent rise in profits to $34 million in its first quarter.

The products include engine oil, transmission and hydraulic fluids under the US-based Altra brand.

“The first-quarter results reflect strong revenue growth as the company took steps to increase its customer base, which included the expansion of its portfolio to include the sale of petroleum products and also to increase its share of large customer purchases,” said notes signed by Paramount’s managing director, Hugh Graham, in the company’s latest financial results.

Paramount continues to grow rapidly with sales of $203 million in the quarter, reflecting 20 per cent growth from year-earlier levels. Moreover, it actually cut operational expenses by 6.6 per cent to $30 million, from $32 million in the prior year’s first quarter.

“Paramount has a positive outlook for the rest of the year as it continues to focus on growth opportunities as well as improved efficiencies and services level improvements,” added Graham.

The company previously stated that its goals include exporting into Spanish Caribbean markets. It follows securing deals within other countries such as China to buy manufacturing inputs to supply regional markets when warranted.

Paramount, which operates from its Waltham Park Road, Kingston headquarters, manufactures admixtures, adhesives and sealants. It also imports and distributes chemical raw material products including the SIKA line of construction products.

The company holds some $379 million in equity and since 2008 has more than doubled its annual sales to $709 million, due in part to it securing the distributorship for SIKA industrial chemicals in 2010.

Its listing on the JSE (Junior Stock Exchange) in December 2012 raised some $75 million which entitles it to a 10-year income tax break. The first five years receive full income tax exemption at 100 per cent and the remainder at 50 per cent (provided the shares remain listed for at least 15 years).