Seprod Ltd said in its financials for the year ended December 31, 2015 — released this week — that it disposed of half of its shareholding in Jamaica Grains and Cereals in October last year.

The gain on the sale was said to be $255.48 million.

Jamaica Grains became a 50 per cent joint venture on 5 October following the disposal. The new partner was not disclosed.

Revenues for Seprod as a group were slightly down at $13.78 million in 2015, compared to $14.1 million the year before.

Net profit under manufacturing and distribution units declined 35 per cent to $576.9 million compared to $895.37 million in 2014.

However, the company’s cash position saw a boost to $1.31 billion in 2015, compared to $550 million the year before.

By segment, manufacturing units for Seprod pulled in $12.48 billion in revenue, compared to $12.41 billion the year before. But pre-tax earnings fell to $419.19 million compared to $851.61 million in 2014.

Distribution saw revenues of $5 billion in 2015, compared to $5.2 billion the year before. The segment, however, made a loss of $53.87 million before tax in 2015, compared to pre-tax profit of $108.88 million in 2014.

Subsidiaries within the group are Belvedere Ltd, which is engaged in agriculture; Caribbean Products Company Ltd, which manufactures and sells oils and fats; Golden Grove Sugar Company Ltd and its subsidiary, which are engaged in sugar production; and Golden Grove Funding Ltd which is an investment arm.

Other subsidiaries are: Industrial Sales Ltd, which sells consumer products; International Biscuits Ltd, which manufactures and sells biscuit products; Serge Island Dairies Ltd, which manufactures and sells milk products and juices; and Serge Island Farms Ltd, which is engaged in dairy farming.

Subsidiary Xaymaca Ltd is another investment arm.

Joint venture affiliate Jamaica Grains was formed in 1969 by Seprod Ltd, when it purchased majority shares in the Government of Jamaica Cornmeal Plant which was operated by the Agricultural Marketing Corporation.

In 1996, Seprod acquired the Government’s shares, making it a wholly owned subsidy of the Seprod Group of Companies.

The plant produces a range of corn products, including refined cornmeal, whole-meal, bakers’ grits, brewers’ grits, cracked corn and hominy corn, as well as a cornmeal-based muffin mix. It also produces cornmeal porridge in the form of an instant porridge mix, a product sold under the brand name “Pronto”.

Seprod, which celebrated its 75th year in 2015, rolled out new investment initiatives, including $5 billion in equipment and training for subsidiary Serge Island Dairy.

Top shareholders in the company are Musson Jamaica with 45 per cent holdings, and the Coconut Industry Board with 31.65 per cent.