After investing $34.6 million in February 2013 for an 80 per cent stake in Mountain Peak Food Processors Limited (MPF), Salada Foods Jamaica Limited has transferred the business operations of MPF as of October 1 to itself and intends to wind up the former start-up.

MPF was formed to acquire the assets of Roberts Products Company Limited which was a canned food and juice company operating under the ‘Roberts’ brand. After a rights issue in August 2016 which saw its stake climb in MPF to 99.80 per cent, Salada acquired the remaining 0.20 per cent stake in July 2017 for $18 million when the business became profitable for the first time. MPF became the distributor of Salada’s core products to the local market in February 2017.

After becoming profitable in the 2017 financial year (September 30), Salada’s group revenue spiked by 19 per cent to $1.04 billion with net profit attributable to shareholders tripled to $219.68 million in 2018.

With Salada successfully navigating the double-digit decline in domestic sales and the 30 per cent local coffee imposition, the company is winding up MPF as a cost-saving measure according to Chairman Patrick Williams. MPF had already transferred its assets to Salada in 2020. Pimora Company Limited’s operations were wound up in 2017 while Coffee Company of Jamaica Limited and Shirriff’s (Jamaica) Limited remain dormant subsidiaries.

Salada’s revenue decreased by four per cent to $1.07 billion in 2020 with its net profit attributable to shareholders falling by 22 per cent to $110.49 million. However, demand has begun to pick back up for the company’s products in the domestic market while export sales have continued to climb. Along with cost containment, Salada’s nine-month net profit attributable to owners hit $115.41 million. Total assets remain up 11 per cent to $1.22 billion with shareholders equity at $964.49 million. The company’s 2021 audited financials have been delayed by a month to December 29 as a result of delays experienced by third-party involvement in the audit process. Salada will pay a $0.055 dividend totalling $57.14 million to shareholders on Monday.

When asked about the search for a new general manager, Williams responded, “We have engaged a recruiting service to find suitable candidates to fill the GM position. The search continues slowly but surely, given that the holiday season tends to be a slow period for such an activity. We are very grateful that Mrs Tamii Brown, is doing a great job as acting GM.”

Dianna Blake-Bennett demitted the role of GM on October 31 to join Jamaican Teas Limited’s new manufacturing subsidiary Caribbean Dream Foods Limited as its chief executive officer. Salada’s stock price remains up 107 per cent year to date following the 10 to 1 stock split in March.