Continuing its impressive growth trajectory, Stationery and Office Supplies (SOS) is to expand its distribution of 3M products in the local market beginning in the last quarter of this financial year.

The development, under which SOS will now sell more products under the 3M brand, was shared with shareholders by chairman and director of sales and marketing Stephen Todd at an annual general meeting held on July 25, 2023.

He said that expectations for the projected revenues from this latest partnership will be significant.

“We have several key projects slated for completion by the end of 2023, which will support our new regional partnerships. We’re expanding our locations and are currently building out our new warehouse on Beechwood Avenue that will provide an extra 5,000 square feet which should be completed by the end of August 2023. We have also just signed a lease to get an additional 2,500 square feet of storage space in Montego Bay which will help to service the area quicker and more efficiently as it continues to grow,” he added.

SOS, which since last year has been delivering recording-breaking performances one after the other, up to the end its historic first quarter ended March, saw its highest-ever to date quarterly revenues which amounted to $519 million.

Speaking with the Jamaica Observer earlier this month, the company indicated that its focus was to reach the $2-billion mark this financial year — growing the near $1.8-billion it secured during its record 2022 financial year.

Just last month the stationary and office furniture entity also announced a partnership with Cayman-based Apex Group — a large company which services a wide array of commercial and residential clients in the Cayman Islands — through which it will supply products from its EVOLVE and IMAGE lines to that market.

Prior to that, SOS also entered a similar partnership with The Office Authority, giving it access to sales in Trinidad.

“We are reaching out and partnering with other major players in the Caribbean to supply stationery and office furniture to these regions. This, in turn, will require us to increase the size of our team and bring in new staff to help with the expansion. SOS will continue to innovate and improve our products and services to meet the evolving needs of our customers. We will include additional offerings in our furniture lines and technological improvements to our operations to achieve overall efficiency,” the company said.

“Our growth in 2022 is just the continuation of a great future,” Todd added, underscoring the company’s aim to set new all-time record-high performances in 2023.

“With the dedication and collective efforts of our talented team, coupled with the strong foundation we’ve laid, I’m certain that we’re well-positioned to embrace new opportunities, overcome challenges, and further elevate our achievements for the current financial year,” added SOS Managing Director Allan McDaniel.

At the recent AGM, shareholders who also supported the company’s future ascent in the furniture and office supplies industry, unanimously voted to approve a 9:1 stock split which will see them receiving nine shares for each share they currently hold. The decision, which is to take effect on August 2, will see the value of shares being within the range of $2.50 to $3.50 per unit, making it more attractive to investors while bringing it closer in line with its peers when trading.

“Over the years we have worked tirelessly to push the boundaries of innovation and deliver exceptional value to our customers. Our efforts have not gone unnoticed, as evidenced by the rapid growth of our stock price. With this stock split now approved it will allow us to make our shares more accessible to a broader range of investors and strengthen our market presence,” McDaniel said.