DESPITE what has normally been a slow period for the company, now worsened by challenges of the novel coronavirus pandemic, Stationery and Office Supplies (SOS) Limited, during its second-quarter period, registered $3.1 million in profits. This represents a 114 per cent increase up from the $22 million in losses recorded for the same period last year.

Profits for the six-month period stood at $58.4 million — 170 per cent more than the $21.8 million earned for the same period in June 2020.

“These are good indicators that Jamaica’s economy is continuing to rebound and as we progress through the summer months we will see the return of children to school, which will also help improve the sales of SEEK back-to-school products in the market.

“SOS has been able to adjust to the ever-changing marketplace, and this is a big reason why we have been able to continue to be profitable in an unpredictable economy,” the company stated in its latest unaudited results posted to the Jamaica Stock Exchange.

The company, which recently halted the production of exercise books due to a reduction in sales following the switch from classroom to online learning as a result of the pandemic, said it would resume production ahead of the back-to-school period. The company, however, said it would in the interim seek to produce more ruled pads and stenographer pads under its SEEK brand which it would use to target corporate clients, alot of whom are currently engaged in work-from-home arrangements.

The company operated by the McDaniel Family is a main supplier of office stationery and supplies. However, since the pandemic the business has pivoted into the sale of home office furniture and has also re-entered the trade of heavy-duty racks, which it supplies mainly to clients in the food processing and hospitality sectors.

For the six-month period ended June 30 the company grew its revenues to $550.9 million — up 16.5 per cent over the corresponding quarter last year. Second-quarter revenues also increased to $238.4 million. Expenses for the six-month period, however, climbed to $232 million over the $208 million spent last year.

At the end of the June period, total assets for the company increased to $920.7 million up from the $889 in June 2020. Earnings per share at the end of the quarter was $0.23, an increase of $0.14 compared to $.09 for the quarter in 2020.