Restaurant management group Express Catering Limited (ECL) has hit record-level revenue and net profit due to continued recovery of the tourism sector and expansion of the company’s portfolio.

ECL operates a number of branded sports bars and restaurant at the Sangster International Airport in Montego Bay.

The company reported revenue of $6.04 million, making it the highest quarterly earnings from sales in the company’s history. For the period ended February 28, the company’s revenue reflect a 73.6 per cent increase when compared to the corresponding period in 2022.

“This is particularly gratifying given that we are still in recovery mode from the effects of the COVID-19 pandemic. Passenger count for the quarter was 639,274, resulting in a spend per passenger rate of US$9.44,” the directors told shareholders in their report.

“The revenue for the period in the year prior was $3.48 million. This was earned from 432,169 passenger for a spend per passenger rate of US$8.05. The spend rate per passenger increase over the prior year was 17.35 per cent; we are delighted that this important KPI [key performance indicator] continues to improve as it is highlighting the efforts that are being made to convert more passengers to customers,” they continued.

The company’s nine-month revenue also showed signs of recovery as the company’s US$15.15 million reflecting year-on-year increase of 53.2 per cent. Passenger spend rate for the period averaged US$8.65 versus US$7.92 in 2022.

Net profit for the third quarter totalled US$1.15 million, jumping almost a 1,000 per cent over $120,248 earned in a period marked by lockdowns and restrictions on movement.

Nine-month profit of $1.93 million eclipsed $364,507 generated in the year prior.

Earnings per share (EPS) jumped US$0.20 in 2022 to US$0.12 in the nine months under review. For the third quarter, EPS was US$0.07, up from less than a cent a year earlier.

In this regard, the directors credited expansion activities to the ECL’s improved financial performance noting that, “though not complete, have begun to produce the expected results”.

“The completion of the food court expansion [at the Donald Sangster International Airport] continues at a brisk pace. An additional US$895,000 was expended during the quarter to the total investment in fixed assets to US$2.19 million for the nine months of the year to date. More than 95 per cent was spent on the food court expansion project,” the report added.

The company’s total assets increased to US$42.63 million, up from US$40.49 million. Its cash balance, however, fell to US$83,156; increases in lease repayment and purchase of property, plant and equipment being the main contributors.

ECL, a member of the Margaritaville Caribbean Group, was significantly impacted by a suspension of operations which began in March 2020 due to the imposition of measures to contain the spread of COVID-19. Though the company resumed activity in June 2020 travel bans and restrictions continued to have an effect until last year February when the Government of Jamaica lifted a number of measures under the Disaster Risk Management Act.