Kremi doubles first-quarter profitWednesday, July 21, 2021
BY KELLARAY MILES
Driven by a $118 million or 28 per cent uptick in sales when compared to the same period last year, Caribbean Cream Limited reports that its profit doubled to $54 million during the three-month period which ended on May 31.
The ice cream and frozen novelties manufacturer said it was grateful for the strong take-up of its product with sales reaching $548.4 million during the period.
“We had an increase in sales for the period and that was mostly due to our continued effort in getting our products out there to market. Our distribution channel is a lot more COVID-friendly as we get the products to customers wherever they are without them having to go and get it,” said Christopher Clarke, chief executive officer (CEO) of the company, while speaking to the Business Observer this week.
He said that with the support of a widespread distribution channel led by the fudgies and community retailers, customers are able to access products much easier, adding that “this has also significantly helped the business to mitigate the impacts of curfews.”
The Government last month, in its announcement of new COVID-19 control measures, reduced the nightly curfews by three hours Mondays to Saturdays. It was reduced by four hours on Sundays.
“While demand for our product is strong, we are also cognisant of the impact that a general level of price increase can have on our business. We, however, continue to assess and improve our infrastructure and reach out to our customers in this time of uncertainty,” Clarke also said in the company's recent report to shareholders.
Factoring the pandemic's uncertainty and not wanting to jinx anything, a tight-lipped Clarke said that several projects were currently underway and would be brought to market at the appropriate time, whilst updating that some other plans to introduce new products to market has been slowed by the pandemic.
The CEO noted that the company's plan to install a US$2-million combined heat and power (CHP) plant to reduce energy costs was also far advance and is hoping for this to be completed later in the year.
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