Carreras embraces multi-industry approach to combat illicit tradeWednesday, August 04, 2021
Carreras Limited said it has adopted a multi-industry approach aimed at tackling the long-standing issue of illegal trade which continues to plague its business.
Managing Director Raoul Glynn said that through the multi-industry approach the company has been actively working with multiple law enforcement agencies to counter the activities in the illicit trade of cigarettes which continues to rob the business of increased bottom line gains and government billions in taxes annually.
“This approach seeks to drive awareness, advocate for stricter border controls and legislative changes for the imposition of stricter penalties and sanctions. We commend the efforts and support of the Jamaica Customs Agency and the Jamaica Constabulary Force, specifically the Counter Terrorism and Organised Crime Investigation Branch (C-TOC) for their commitment to the fight against the illicit trade,” he stated in the company's recent financial report.
Highlighting other strategic initiatives taken by the company, Glynn noted these steps as being useful in helping to stem losses to the illicit trade which continue to permeate the trading environment.
“One such initiative is the redesign of our route market which allows us to be present in some areas with a high presence as well as to bring awareness of the issues to a greater audience,” he said.
The local cigarette distributor, which has been on a transformational journey, recently underwent a series of changes to its brand and product imaging, noting that the changes will help the company with developing a first world and modernised portfolio.
The company, which already has a strong distribution footprint, is further seeking to expand its portfolio through new partnerships and greater build out of its offerings in the local market.
During the first quarter period ended June 30, the company reported increased operating revenues totalling $3.4 billion — up 27 per cent when compared to the $2.7 billion earned in the same period last year. Net profits also moved up by almost 33 per cent, amounting to $863 million or $212 million more than that for 2020. Earnings per stock for the period was 17.8 cents.
“The board of directors has approved an ordinary interim dividend payment $0.16 per stock unit, totalling $776.7 million to be paid out of accumulated profits on August 25, 2021 to stockholders,” Glynn stated.
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