Buoyed by the successful launch of a new product line during the third quarter ended June, coffee processor Salada Foods Jamaica Limited increased nine-month revenues to $964 million — 8 per cent above the corresponding period last year.

The company said its flavoured coffee line comprising offerings such as coconut cappuccino, caramel, and cinnameg (a blend of cinnamon and nutmeg) have been “well received locally” with distribution of the products now commencing in key export markets.

Salada, the producers of the Jamaica Mountain Peak Brand of coffee had earlier this year indicated its intent to venture into the flavoured coffee market as it aims to target younger coffee drinkers who want variety in their consumption. The 3-in-1 flavoured mix is made up of a 24-gram sachet containing a combination of instant coffee, creamer, and cane sugar.

The product is the latest in Salada’s growing list of new inventions as it ramps up efforts to entice various classes of consumers. The launch of a ginger turmeric instant tea product by the company in 2020 has also been positively contributing to sales.

“Salada prides itself on its ability to provide a cup for everyone,” the directors said in notes accompanying the company’s latest financial report posted with the Jamaica Stock Exchange.

Aiming to grow its business outside the local market, the company, despite the continued challenges in the global environment, also managed to increase export sales by near 7 per cent above the prior year, owing to rebounds in key export markets, especially Canada.

Despite a slimming of net profits to total $111.2 million, almost 4 per cent below the $115 million earned in the previous year’s period, the company said it remains committed to delivering improved results by the end of its financial year.

“The decline was as a result of a reduction in interest and foreign exchange gains of $7.9 million as compared to the prior period,” the directors said.

The company further noted that, even as significant disruption of domestic and foreign supply chain persists resulting in the rising price of commodities globally, it has “refrained from passing the full extent of these increases to customers”.

For the three-month period or third quarter ended June profits also fell to $29 million, down from the near $51 million earned for the similar quarter of 2021, though supported by increased revenues of $328 million. Total assets at the end of the period, however, climbed to $1.2 billion.