FROZEN novelties and ice cream manufacturers Caribbean Cream Limited, which trades under the Kremi name, has said that the opening of its Ocho Rios depot will help to reduce the travel time for retailers who may have had to seek supplies from locations in other parts of the island.

The company, which previously operated depots in Kingston, Montego Bay and May Pen, has cited the move to open its St Ann-based location as being among its record achievements during the third-quarter period of 2020 and one which customers have dubbed a breath of fresh air for the community.

“The Ocho Rios depot was opened in late September to serve the town and surrounding communities, and to reduce travel time for retailers in the area. The feedback has been positive and one of excitement, from both new and existing customers. There have been many encouraging responses regarding product, availability, quality and pricing,” said Chairman and Chief Executive Officer (CEO) Christopher Clarke, in his quarterly report to shareholders.

The company, at the end of its nine-month period ended November 30, 2020, reported net profits of $85 million, $41.6 million more when compared to the similar period in the previous year – results with which management has been very pleased despite the continued restrictions and challenges brought on by the ongoing pandemic.

“With the increasing rise of COVID-19 in the nation, there is continued uncertainty regarding the likely impact on purchasing power and consequently on the future performance of the company. Nonetheless, the management team remains determined and committed to deliver on the company’s strategic objectives, “Clarke stated.

Revenues for the period also climbed to $1.3 billion, an increase of $97 million or 8 per cent above the similar period last year. The quarterly revenue was $441 million, reflecting a $45-million or 11 per cent increase above the same period last year.

“Our thrust towards reaching the end customer with a quality product and affordable pricing is so far achieving the desired growth results and customer satisfaction, the chairman and CEO also said in his overview of the company’s performance for the period which saw earnings per share of $0.22.

Kremi, which had also undertaken retooling activities across its depots islandwide in an effort to reduce energy cost, saw administrative costs expand by some $16 million or 17 per cent during the third quarter, which the company has attributed to increased cost in utilities and repairs and maintenance of depots, among other expenses.