NEWLY listed company FosRich, plans on aggressively improving revenues associated with the industrial segment of its business, after forging partnerships with renowned international brands Siemens AG and Nexans.

Managing director of the company, Cecil Foster in a report to shareholders entitled We will go big and bold in 2018, reasoned that the company seeks to increase its market share of industrial products through partnerships with the international brands.

In fact, Foster noted that the goal is to lead in the projected growth for 2018, following miniscule contribution to overall company revenues at $21 million or 2 per cent. Currently the company has five divisions and each division contributes positively to the viability and profitability of the company in the following order: electrical, energy, lighting world, hardware and industrial.

Siemens AG, which supplies industrial circuit breakers and panel boards and Nexans, which supplies industrial SWA (steel, wire, armour) and fire-resistant cables will assist the company in securing contracts with large operators in the power plant, bauxite and hotel industries.

FosRich will also be targeting factories, offices, public buildings, high-rise buildings, and housing developments.

“On June 14, 2018 we will stage the Caribbean and Central America Industrial Cable & Distribution Forum. This event will feature two of our Industrial Division partners: Siemens AG and Nexans Cable Company,” Foster told shareholders in the company’s 2017 annual report.

He added that breakout sessions will feature engineers from these companies who will update participants on the improvements in switchgear and copper cables.

Aside from the industrial business segment, the light and power company also plans on improving inventory. FosRich is targeting a rotation of one and a half times the current $625 million.

“Our inventory is one of the most important assets in our company. We are undertaking the project of digitising the inventory items this year,” Foster said, noting that the project should double the company’s efficiency.

“We will be able to track the items coming in the warehouse, locate them easily, and prevent over trading and theft. We will be able to invoice the products faster and serve our customers more efficiently.”

FosRich closed the year with after-tax profit of $54.9 million, an increase of $24.6 million or 81 per cent on the $30.3 million earned in the prior reporting period. The company, which raised approximately $200 million from an initial public offering last year, saw a reduction in revenue from $1,155.6 million in 2016 to $1,046.2 million for the year under review.

FosRich blamed the decline in sales on initial market resistance to its new and advanced flexible, multi-strand cables.

“We overcame the initial resistance as the new cables now receive wide market acceptance,” Foster said.