Recording all time highs in profits and revenues during its last financial year, Stationery and Office Supplies Limited (SOS) has labelled 2022 a historic one.

Having emerged from the dust of the novel coronavirus pandemic during the end of 2021 and also witnessing the highest inventory level in its 58-year history, the company, which specialises in office furniture and stationeries at the end of December 2022, grew revenues 56 per cent to total $1.75 billion. This as profit also more than doubled to reach $256.5 million while assets climbed to $1.4 billion.

Earnings per share at the end of 2022 was $1.03 — $0.60 more than $0.43 at the end of 2021.

“SOS can proudly say that with all the time and effort that was made to continue to grow the business in 2022, it was worth it as we experienced a historic year,” the directors said in a notice to shareholders accompanying its audited financials.

Additionally, out-turns during the last quarter of 2022 also saw the company exceeding all its financial results in 2021.

Backed by a new partnership with Trinidad-based manufacturer and supplier of large office supplies, The Office Authority, the company during the year and quarter was also able to carve out its presence in another market of the region. Under the partnership arrangement, SOS will exclusively distribute certain products manufactured by the Office Authority while they in return will distribute SOS’s furniture lines IMAGE, TORCH, and EVOLVE in Trinidad.

“During 2022 all of SOS’s lines of business increased, led by SEEK which saw its revenues increase by 73 per cent. It was during the latter half of the year that an additional investment was made in SEEK as SOS purchased one of its competitors. This expansion, which created an additional 15-20 jobs, allowed SEEK to expand its offerings to include invoice books, receipt books, delivery books, graph paper and more.

“With the factory operating at maximum capacity, the management will again look at various options to [further] promote the brand and have SEEK continue to grow as the number one book manufactured in Jamaica,” the annual report also stated.

Fully capitalising on the first half of its tax-free 10-year benefit given to Junior Market listed companies on the Jamaica Stock Exchange (JSE) in 2022, the directors are also hoping to ride out the wave in reaping more value for shareholders in the remaining years.

“These five years have allowed the management of SOS to focus on the company’s growth which has seen its revenues more than double since listing going from $702 million at the end of 2016 to $1.75 billion by the end of 2022,” the company’s directors said.