Derrimon Trading Company Limited is celebrating an outstanding nine-month performance for the period ended September 30, 2021, in which revenues for the third quarter rose to a record level.
A leading distributor of consumer goods, Derrimon Trading publicly trades shares on the Jamaica Stock Exchange. Its nine-month consolidated revenue grew by $2.57 billion over the corresponding period in 2020 to $12.19 billion. The growth in revenue has been attributed to the recovery achieved by all the local business units, gains from the new overseas subsidiaries and an overall improvement in the core business.
Revenues generated for the September quarter totalled a record $4.14 billion, which surpassed the record quarterly performance of $3.31 billion posted in the third quarter of 2020. This growth of 24.97 per cent or $827.92 million can be attributed to the acquisition of the New York subsidiaries (FoodSavers NY and Good Food For Less) in the first quarter of 2021 and the improved contributions from subsidiaries such as Caribbean Flavours and Fragrances Limited.
This was coupled with the record performance of Woodcats International Limited and steady growth within the distribution and retail business segments. Derrimon Trading's issued share capital rose significantly to $4.53 billion due to their successful additional public offer at the start of this financial year.
“This performance is commendable considering the continued difficulties faced from logistics and shipping costs as well as the loss of 16 business days caused by lockdowns experienced in Jamaica during the quarter,” the company said.
Chairman and CEO Derrick Cotterell explained, “The performance recorded and reported in the third quarter and for the nine months' reporting period is a strong indication that the strategies of business diversification, currency diversification and industry integration continue to be strategic pillars for the performance of the business. And despite the challenges brought forth by the pandemic, Derrimon Trading continues to remain resilient, as we move forward with our Derrimon 2.0 vision.”
He emphasised that this is especially the case as the company embarks on this next decade of change and growth. Cotterell disclosed that the opening of Derrimon Trading's Select Brands location in May Pen will take place in early 2022 and will be the largest supermarket in central Jamaica.
He pointed to the continued growth of the company's portfolio of proprietary brands, including the recently launched Refresh water.