Roberts Manufacturing is back in focus.

The Barbadian food producer, best known for its margarine and animal feed brands, has drawn renewed attention after rebounding from one of its most challenging financial years to deliver stronger profits and record dividend payouts.

Now there are whispers that a listing could be on the horizon, though the company has neither confirmed nor denied the talks.

“Proven is continuously evaluating strategic options in the context of its broader portfolio. The focus remains on creating long-term value, with decisions guided by market conditions and strategic alignment,” CEO Johann Heaven told the Jamaica Observer in response to questions about listing the company.

The renewed attention comes as Roberts posts one of its strongest financial performances to date. For the year ended March 2025, the company recorded a 73 per cent jump in net profit to US$4.6 million, even as revenue declined 10 per cent to US$66.9 million. It also paid a record dividend of US$3.86 million, almost double the previous year’s payout, with Proven collecting close to US$2 million from its 50.5 per cent stake.

Those results mark a sharp turnaround from two years earlier when the company reported a net loss of US$274,000, hurt by supply chain disruptions and government-imposed price controls on essential food items. At the time, global inflation linked to the Russia-Ukraine conflict had driven up raw material costs, forcing Barbadian manufacturers to limit price increases.

“…Roberts Manufacturing is targeting revenue diversification via the pursuit of additional export sales in the region,” Proven Group Limited said in its 2025 annual report.

It added that in the private capital portfolio, Roberts Manufacturing has shown improved performance and the Group anticipates continued strong profitability and dividend cash flows from this asset, reinforcing its role as a key contributor to earnings.

Proven acquired its 50.5 per cent stake in Roberts in June 2021 from Massy Properties (Barbados) Limited for US$21.45 million, marking its first major step into regional manufacturing. Trinidad-based conglomerate Ansa McAL holds the remaining 49.5 per cent.

From its 21-acre complex in St Michael, Barbados, Roberts manufactures margarine, shortening, and cooking oils, as well as livestock and poultry feed through its 60 per cent-owned subsidiary, Pinnacle Feeds Limited.

Since the acquisition, the company has undergone a quiet transformation.

Heaven told the Business Observer that the company has invested heavily in automation across its feed and extraction plants, expanded its margarine and shortening facility, and rolled out an enterprise resource planning (ERP) system to improve efficiency and traceability. It has also implemented green energy projects that generate annual cost savings and launched feed exports to several regional markets.

Heaven said those investments align with Proven’s disciplined approach to building sustainable regional enterprises.

“Our strategy is simple, we invest in businesses that consistently deliver value and have the capacity to scale intelligently,” he said. “Roberts is a prime example. Its products are deeply embedded across the region, and by refining its offerings and strengthening its market presence, we’re building on a solid foundation for long-term growth.”

In a recent press statement, Proven described Roberts as a cornerstone investment within its private capital portfolio, noting that the subsidiary continues to deliver “strong profitability and dividend cash flows.” The company added that Roberts’ diversification strategy — including the pursuit of additional export sales — is expected to reinforce its position as a key earnings contributor in the years ahead.

Further, Proven noted that Roberts has also been streamlining its operations and balance sheet. Following the sale by Massy Holdings, it exited the Barbados Shipping & Trading (BS&T) Pension Scheme and is now establishing its own plan for employees.

The manufacturer, which employs nearly 200 people, is chaired by Garfield Sinclair, Proven’s co-founder and chairman of Proven Management Limited. Its managing director, Jonathon Hart, described Roberts as a “true Barbadian success story”, adding that it remains “deeply rooted in the community, with a strong focus on innovation and sustainable growth”.

Founded in 1944 by JC Roberts, the company has evolved from a small local operation into one of Barbados’ largest producers of edible fats and oils, supplying 15 Caribbean markets.

— Karena Bennett