JFP trims losses in Q3
...board to meet on use of land-sale funds
JFP Limited’s board of directors is expected to meet soon to determine how the company will deploy the multimillion-dollar proceeds from its recent property sale — a decision CEO Metry Seaga says will shape the next phase of the company’s reset and support what he expects to be improved performance in 2026.
Speaking with the Jamaica Observer on Wednesday, Seaga declined to give specifics before the board meets, saying only: “We are on the right track and I’m confident next year is going to be better — but I want to do more and say less.”
The forthcoming decision comes as JFP reported a narrower third-quarter loss and stronger operating metrics, supported by tighter cost controls and the one-off balance sheet boost from the sale of land adjacent to its Spanish Town Road property. The windfall pushed shareholders’ equity from $67.6 million to $329.9 million, and lifted investments to $255.4 million, up from $7.6 million one year earlier.
JFP is primarily a commercial contract furniture and interior solution manufacturer. Originally operating as Jamaica Fibreglass Products, it supplies seating, cabinetry, fitted furniture and full-interior packages to hotel chains and restaurant operators across Jamaica and the Caribbean.
In recent months the company has been working with external consultants to reassess its business model and map out a return to profitability. That effort has already translated into changes on the factory floor, including the roll-out of new equipment designed to lift production quality and cut waste.
JFP has also been adopting more digital tools to boost efficiency.
For the quarter ended September 2025 JFP posted a net loss of $44.1 million — a significant improvement on the $75.4-million loss recorded in the prior year. Meanwhile, gross profit rebounded to $13.4 million, compared with a $7.9-million gross loss in Q3 2024, reflecting a 42 per cent reduction in cost of sales. Quarterly revenue rose 13 per cent to $36.9 million.
Selling and administrative expenses declined 4 per cent, helping to reduce the operating loss to $43.2 million compared with $66.5 million last year.
Still, year-to-date revenue remains down 23 per cent at $257.8 million as project volumes lag and contract executions slow. Total expenses for the nine months increased 6 per cent due to advisory and restructuring costs, resulting in a net loss of $56.7 million down from $65.8 million in 2024.
