WITH COVID-19 restrictions now relaxed and tourism on the rebound, hotel supplier Everthing Fresh Limited has managed to reverse the losses recorded in the first six months of 2021.

Revenue for the half-year ended June 30, 2022 amounted to $1.27 million, which was 116 per cent more than the corresponding period last year. Everything Fresh’s Jamaican operation contributed $968.8 million in revenue while its subsidiary in The Bahamas generated $296.6 million in sales.

Up to May, Jamaica had welcomed 937,227 stopover visitors while The Bahamas recorded 561,651 stopover arrivals

For the second quarter, revenue increased 87 per cent to $731.2 million, up from $389.2 million in 2021.

Everything Fresh Managing Director Courtney Pullen, in his report to shareholders, said he expects that the rebound in tourism activity will continue for the remainder of the the year and beyond.

“The outlook for the remainder of 2022 is favourable; many hotels continue to experience high levels of occupancy for the remainder of the summer. As such our group of companies will continue to keep up with demands of the tourism industry by providing quality products at competitive prices,” he said.

However, the managing director noted that the company is facing the challenges of increased cost of goods and freight charges, which have affected the company’s gross profit margins.

Still, Everything Fresh increased its gross profit by 98 per cent up to June 30, 2022, which totalled $257.6 million. The company’s second-quarter gross profit also increased 75 per cent to $149.6 million.

Additionally, the company increased its spend on motor vehicle and delivery costs, resulting in a 40 per cent rise in administrative and other costs. As a consequence, it reported an operating profit of $56.3 million compared to a loss of $13.3 million in 2021.

Net profit for the half year was $37.5 million. In the previous year Everything Fresh recorded a loss of $23.9 million.

Earning per share was $4.05, compared with -$3.21 last year.

Everything Fresh’s total assets increased to $1.05 billion, up from $880.4 million. During the period the company acquired an additional stake in its subsidiary, Everything Fresh Bahamas, increasing its holding to 80 per cent.

Responding to a query from Jamaica Observer about plans to fully acquire Everthing Fresh Bahamas, Chairman Gregory Pullen shared that, “We intend to maintain 80 per cent ownership indefinitely…the contribution and influence of the Bahamian party is extremely beneficial.”