Despite the challenges brought on by the novel coronavirus pandemic, pharmacy chain Fontana Limited has dubbed its 2020 financial year ended last June as its most successful to date.

“Fontana has emerged as a stronger organisation, successfully weathering one of its most challenging periods in our 52-year history,” the company’s directors stated in the recently published annual report.

“The past 12 months have been challenging for the entire country and business sector, but in every quarter Fontana’s sales growth outpaced that of the overall Jamaican retail sector,” the chairman further said in his review of the company’s performance.

During its last fiscal year, the company for the first time earned revenues over the $5-billion mark ($5.2 billion) and paid out over $200 million in dividends to shareholders. This, as shareholder equity increased by approximately 21 per cent or by $312.4 million over the last year, allowing the pharmaceutical company to make dividend payments twice in that year.

“Deferred taxation movements resulted in a net profit attributable to shareholders of $512 million, an increase of 85.3 per cent over the $277 million earned in the previous year,” the company’s financials also revealed.

The company highlighted its proactive and pre-emptive move to secure inventory as a winning move which it said has also helped to place the company in a position of strength for the current year noting that, “As the current retail mantra goes – who has stock is king!”

Net assets as a result also increased by 10 per cent to total $3.5 billion as the retail entity ramped up inventories and prepared for the logistic and supply chain challenges which now severely affects a lot of businesses. After tax net profits for the year closed at $512 million increasing by 85 per cent when compared year on year.

“While our rigid compliance to COVID-19 guidelines impacted our spend in certain are as ie, cleaning and sanitisation, we adjusted our spending mindset to capitalise on every opportunity to contain costs,” the directors noted.

“The past year taught us many things, we embraced the challenges and came through a stronger and more resilient Fontana! As we approach the next financial year, we will continue to do what we do best: be accessible to our customers while providing the best products and services in a warm friendly environment,” the company’s outlook said.

The company in looking for further growth has planned a seventh location in Portmore, St Catherine, which it expects to complete by 2023.