Beverage giant Wisynco Group, following its record first quarter performance ended September 30, said it is looking to further grow as it moves to tap new opportunities in the manufacturing and distribution industry.

During the first quarter or first three months of this financial year – for Wisynco that period is from July to September – the company turned revenues of $9.2 billion, the highest in the company’s history, despite lockdowns and a challenging operating environment brought on by the effects of the novel coronavirus pandemic. The company attributed the growth in revenues, which was 14.1 per cent more than that of the corresponding quarter last year, to the continued rebound in economic activities. Net profits over the period also increased to $967 million.

William Mahfood, chairman of the Wisynco Group, in an interview with the Jamaica Observer, said the company, over subsequent quarters, will be looking to further strengthen this performance backed by improved service levels accompanied by increased operating hours, following reduced State-imposed restrictions.

“Hopefully we’ll be able to achieve even better results as we come out of lockdowns and no movement Sundays, and as consumers are given more time to purchase their necessities,” he told the Business Observer.

Mahfood noted that, with some face-to-face class resumption now underway, along with substantial increases in tourism, growth in the consumption of products are expected to trend even more positively for the company.

“We’re also starting to see more people now going to restaurants as well as increased movements [due to] better management of the pandemic, which I believe will help to get the business back to very good levels over the next few months,” he added.

Through its second distribution centre to come on stream in Hague, Trelawny, the chairman said the new addition will add legs to its distribution channel as it also positions to service demands in the north-western region. The facility, acquired under a five-year lease with the Factories Corporation of Jamaica (FCJ), is now being made ready to commence operations by January next year.

“Right now we have to service everybody from Spanish Town, which makes it quite difficult on the turnaround time, so with the new distribution centre we’re expecting much better service levels.”

Following a 75 per cent increase in export revenues, the business is also seeking to double down on sales in new and existing markets as demand for its beverages grow.

“We’re constantly looking at new opportunities and new businesses. We have had a tremendous last couple of years in export growth with our UK, US, and Caribbean businesses doing very well. We’re very excited going forward and we are going to be investing a lot in our export business,” Mahfood said.

With strong balance sheet ratios, the group said it was also intent on seeking out new opportunities for expansion accompanied by new technologies which will help to drive further growth.

“We’re continuously looking on new opportunities, and as new ones come up in the space, in consumer goods, which is our specialty, we’re going to look to expand in any area deemed fit. We anticipate new product launches in the upcoming months as well as potential new partnerships,” Mahfood said.

“We’re also constantly upgrading our digital strategy and ability to utilise more advanced technologies for the growth of the business. We are already seeing a positive impact on this as we constantly upgrade systems to make the business more efficient,” he added, noting that the roll-out of a consumer-based e-commerce platform could also be introduced over the longer term.