MORE businesses and people are investing in safes to protect their assets from theft or damage.

Speaking at the company’s recent annual general meeting (AGM), Stationery and Office Supplies (SOS) Chairman Stephen Todd highlighted, “We have seen a rise in the need for personal and corporate safes, and we have sold over 160 in just 5 months. This includes depository safes to secure cash and large safes for corporate offices. We see this market increasing approximately 50 per cent in 2023.”

SOS, the agent for Sentry Safes in Jamaica, recorded a 45 per cent increase in revenue from sales in 2022.

For the year to date SOS sold 236 units. While the majority of sales have come from individuals, there has also been an increase in commercial purchases. The company’s partnership with Sentry Safe came about after SOS was in need of the safes for sale but couldn’t source any locally. They reached out to the United States-owned company about forming a partnership, and the rest is history.

Todd shared, “We purchase directly from them and resell to the open market. The trend so far happens to be mostly home units but we have seen a surge in depository safes and larger, fire-resistant safes recently.” SOS offers over 25 different types of safes of different sizes, which the chairman believes has contributed to the rise in demand. SOS is now hoping to partner with stationery and office suppliers in the Caribbean to sell the Sentry line as part of its overall complement.

The 45 per cent increase in sales for the line forms part of the company’s impressive third-quarter performance. With its core business being the sale of office supplies, stationery and furniture, at the end of the third quarter of 2022 the company’s total assets increased year on year by 23 per cent due to a 30 per cent increase in inventory from $280.5 million to $356 million.

By the end of August 2022 SOS had already eclipsed its revenues amassed during the entire year 2021 and had more than tripled its pre-tax profit by the end of the third quarter compared to the same period in 2021.

Managing Director Allan McDaniel was quick to point out to investors at the AGM that, despite the company’s stellar performance, SOS remains hungry for growth. “We have a small piece of the market and there’s a lot of business out there to be gotten. For 2023 we’re going to really push to get a bigger piece of the pie. We are looking at the Caribbean and beyond, and we are looking for distribution partners throughout. Our plan will be to continue to grow at 15 to 20 per cent each year — at minimum.”

Meanwhile, Todd credited the SOS team with being the main driver behind their success. “I would like to express our immense gratitude to the phenomenal SOS team of dedicated employees who go above and beyond for the business every single day.

“As we plan for continued growth, we are expanding to include an HR department to ensure focus on our people and support recruitment and retention. We want to attract and retain the best talent and then nurture them in a workplace that feels like home.”

SOS’s earnings per share for the third quarter of 2022 was $.35, an increase of $.27 compared to $0.08 at the end of the third quarter of 2021. For the nine months ended September 30, 2022 earnings per share stood at $1.04, up $.73 from $.31 seen at this time in 2021.