Following setbacks in business activities as a result of COVID-19, chemicals company Paramount Trading Limited remains optimistic in securing continued growth for the company.

Chief Executive Officer (CEO) and Managing Director Hugh Graham said that the company despite the onslaught of the novel coronavirus pandemic maintains a positive outlook for its future growth prospects.

“Our outlook is good, we are projecting growth, we’re bullish in the pandemic because as the largest chemical company on the island, I believe we will see growth,” he told the Business Observer on Monday, November 30, days following the company’s annual general meeting (AGM) held at the Jamaica Pegasus hotel.

Graham, in reporting on business activities, said that despite a five per cent reduction in revenues when compared to the prior year and some reductions in its lubricant segment, the company has been able to pivot with new opportunities created by the pandemic through its cleaning and sanitation products.

“That’s the area that we are now focusing on and putting our energy, so as to extract the opportunities out of that business unit,” he stated.

The cleaning, sanitisation and lubricant company, which currently commands the support of large commercial clients, said that the intention was to continue in building out its supply of products locally as well as to tap into potential markets overseas, several of which have reached out since COVID-19.

“We’ve gotten inquiries from Barbados, Suriname, Belize, Guyana and even Florida of which we currently have conversations ongoing,” Graham told the Business Observer, also noting the discussions with Guyana and Suriname among those in advance stages.

He said that the company’s enrollment in initiatives such as the Jamaica Promotions Corporation (Jampro)-led Export Max III will also help it to gather market intelligence on the products offered as well as to benefit from trade agreements.

The managing director and CEO further urged Government to provide more support for local manufacturers suggesting that “it is foolhardy for the Government to keep things coming in duty free from other countries while not supporting its manufacturers— especially now when they are capable of supplying the country’s sanitation programme.”

Echoing similar sentiments of many in the productive sector, Graham said that the time was ripe for Government to commence the process of diversifying the country’s economic base.

“Since COVID, we as the manufacturers have been doing well in all areas, I believe this is proof that the manufacturers are good for the country and needs to be supported. With tourism down we have proven that we can stand up for the country, “ he said.

In its first quarter period ended August 31, the company produced net profits of $15.2 million—a four per cent increase when compared to the $14.6 million seen in the corresponding period last year. Revenues also grew by $1.4 million amounting to$362 million and a net book value of $809.6 million was secured.

Graham, who recently entered representational politics and was elected as a first-time Member of Parliament for the St Catherine North Eastern constituency in the September 3 General Electios, said that his new role was yet to interfere with his operation as boss for the chemical company. He said that with the support of a good management team in place, the company remains confident of its growth prospects, securing returns on its investment, take advantage of new opportunities and delivering value to shareholders.

“I think it’s safe to say that we’re doing well and the shareholders are pleased with our performance,” he said, noting that the second-quarter results, which should be posted shortly, continued in delivering a solid performance for the company.