After spending 13 years on the Junior Market of the Jamaica Stock Exchange (JSE), affiliate companies Lasco Manufacturing (LASM) and Lasco Distribution (LASD) recently migrated their listed ordinary shares to the Main Market.

Speaking at the graduation ceremony held last Wednesday (March 27) executive chairman of the Lasco group of companies James Rawle outlined the growth of both companies over the last decade.

“LASD’s revenue grew from $6.7 billion in 2012 to $26.5 billion in 2023 — a four-fold increase over the period. For LASM, its revenues moved from $3 billion in 2012 to $11.2 billion in 2023. This, while total assets climbed from $2.3 billion in 2010 to $13.4 billion in 2023, a six-fold increase, and for LASM from $1.1 billion to $13.7 billion, a twelve-fold increase. The dividends paid to shareholders over the period also amounted to over $2 billion for LASD and $2.35 billion for LASM,” Rawle said.

Touting the companies’ commendable growth record, Rawle said the aim is to maintain their strong ratios as both entities continue to invest in employee training, development, and the necessary upskilling to meet emerging needs of the digital age.

“The companies continue with targeted investments for growth — investments in technology [Enterprise Resource Planning (ERP) capabilities and software], automation, and digital transformation to drive efficiencies. LASCO concentrates on building strong brands. We are investing for growth, therefore, we are looking at a strong value creation strategy, one that will deliver sustainable profitable growth while maintaining affordability for our customers,” the chairman noted.

“The focus over the years has been on organic growth, recognising the strength, relevance, and resilience of the brands and also the unserved and underserved areas in the country. Organic growth will continue to be our focus, while opportunities for inorganic expansion, where there may be strategically fit, are looked at,” he stated.

Listed on the Junior Market in 2010, the companies, founded by the late Lascelles Chin, began trading after the launch of successful initial public offerings (IPO) from which LASD raised $160.9 million and LASM $195.8 million. Their transition adds to four other companies that have now migrated to the Main Market since its inception some 15 years ago.

Transitioning as two of the largest companies on the junior market, in terms of profitability and market capitalisation, LASD is now valued at $15.6 billion and LASM at $22.03 billion. On average, both now trade at $4-$5 per share. As Main Market companies they can now pursue additional capital raise as they also seek after increased growth.

“Under the guidance of Las Chin, the respective boards of both companies have grown to become major players within Jamaica’s economic framework. This maturity signifies not ageing but rather a coming of age, and we are poised for continued growth. We are grown but we still have a long trajectory before us, and we remain committed to delivering sustainable results year on end,” Rawle said.