Caribbean Cream Limited, which trades as Kremi, is hoping to unlock value from its most recent purchase in Koni Kone.

The acquisition of the cone manufacturing outfit, which is now fully incorporated into Caribbean Cream’s operations at Suthermere Road in the Corporate Area, could contribute to a doubling of revenues.

In fact, after completing the acquisition of Koni Kone in March 2021 for a consideration of $45 million, Caribbean Cream has seen its revenues increase by $20 million from the additional sales of cones.

General manager at Caribbean Cream Ryan Peralto, speaking at the company’s annual general meeting on Tuesday, October 25, at the Courtleigh Hotel, outlined plans to introduce more value-added products from its cone-making segment.

“COVID-19 has challenged the reliability of supply chains. Therefore, in looking to the future, we decided to add the production of cake and waffle cones so we can reduce our reliance on imports going forward. This acquisition will allow us to increase our sales revenues by introducing value-added products to the market,” he stated.

“This acquisition will help us chart our own destiny as cones are complementary to ice cream and this combination can only grow our inflows,” he added.

Peralto disclosed that the company is in the process of rolling out the new products through its Kremi depots, mid-level distributors and third parties.

At the same time, he pointed to the company’s performance over the first half of financial year 2022/23. For the period ending September 30, revenues increased by $222.5 million as all segments saw growth. Sales from imported novelties grew by $9 million or 51 per cent while ice cream sold by “fudgies” rose by $65 million or five per cent.

The general manager also shared that construction has begun on a new cold room and blast rooms on land acquired in 2021 at 1 South Road. An insulated concrete base is now being cast and the building should start going up soon.

“Our infrastructural developments, which include the upcoming CHP plant, will make us self-sufficient in energy, [and] together with the new cold room, are keys to improved sales, our expansion and expense management objectives,” Peralto said.