As the construction boom continues to positively impact businesses operating in that sector, hardware and building supplies company Lumber Depot said it is seeking to make its operation more agile and efficient as it also positions to capitalise on new opportunities in the financial year.

“Over the next twelve months the company will aggressively seek to build on the solid foundation established. An additional off-site warehousing facility downtown was developed over the last financial year and we are now in a position, subject to market conditions, to capitalise on larger volumes of a wider range of imported products through strategic purchases to meet customer demand,” commented Managing Director Major Noel Dawes in the company’s annual report recently posted with the Jamaica Stock Exchange (JSE).

The company, which specialises in the sale of ply board, lumber, steel, among other building supplies, said it will also engage greater use of technology and digital channels as it moves to expand customer engagement, limit in-store traffic and introduce new products.

“We will aim to maintain cutting-edge technology to make contemporary building systems available to the construction sector to ensure our cadre of existing contractors are duly updated by virtual means on new trends in the industry and, where suitable, provide liaison and supply chain solutions for these products,” the managing director said.

For the financial year ended April, the company turned profits of $145 million, a 554 per cent increase over the previous year when the effects of pandemic took root. Revenues for the year amounted to $1.4 billion up from $921 million in 2020.

Up to the end of its first quarter period ended in July, the company continued on its positive performance earning revenues of $420 million and $71.8 million in profits, more than doubling the $29.9 million earned in the corresponding period of the previous year.

The company’s balance sheet, which now has over $650 million in equity and cash combined, puts it in a position to consider new investments, of which it has already indicated an intention to pursue strategic projects. This, it believes, will further help to strengthen its long-term market position and drive competitiveness for the core retail business.

“A new location is now under consideration and may be developed through merger, acquisition or a greenfield project and the groundwork is now being laid to bring this to reality,” the director’s report noted.