After surpassing the billion-dollar mark in quarterly revenues for the first time ever during the January-March period, lighting, electrical and solar energy products distributor FosRich Limited said it remains on the hunt for more growth opportunities throughout this year.

During the three-month period revenues, which were primarily driven by increased sales in some six of eleven product groups largely spread across its dominant electrical, energy and PVC pipe divisions, amounted to $1.1 billion, up from $900.3 million for the prior reporting period.

Managing Director Cecil Foster speaking with the Jamaica Observer on Monday said the company, in pushing to better this performance, will throughout this year work on increasing its exports while extracting additional revenues from its new industrial products division.

“We’re presently engaging strong distributors across the country as we look to get our products all over the country. We are also now engaged in driving our industrial PVC pipes for road construction – so the future for us looks very bright. These newer pipes came to market in the middle of the first quarter and we are expecting this segment to expand further as we move into the other quarters of this year,” he told the Business Observer.

High off its participation at the just concluded Expo Jamaica trade show, Foster said the company, which has been steadily growing exports, will be looking to double down on the growth opportunities in overseas markets.

“We are currently tying up the final ends as we anticipate exports to some of the other islands such as Guyana and the Dominican Republic and we are really hoping to bring some of these onboard during this quarter,” he said.

FosRich. which sent off its first shipment of PVC pipes to Barbados in 2021, is now looking to grow its footprint in the Caribbean and mainland North America.

“We also have some engagements with customers in larger countries, but we are first looking at picking off the nearer, lower hanging fruits before we begin to look at breaking the backs of countries such as the US, which we plan to start in doing as early as third quarter,” Foster added.

The Junior Market listed company, which continues to build out what is to become its flagship superstore and commercial complex at 76 Molynes Road in St Andrew, said the plans for the 143,000 square feet of commercial space remain on track with high hopes that the project will be completed next year.

“The deadline is to occupy the space by mid-year 2024. We are currently engaging tenants, who will be leasing the spaces developed for dining and business process outsourcing among other activities when opened,” Foster said.

Though earning reduced net profits of $121 million when compared to the $158 million it secured in March 2022, the managing director in his outlook expressed optimism for the continued growth of the business. He said a possible lowering of interest rates by the Bank of Jamaica in the third to last quarter of this year could also result in heightened confidence and significant upticks in business activities which will auger well for the economy.

“I am happy to see that we were able to move from where we were five years ago, to now be doing over a billion [dollars in sales] in a quarter. We remain buoyant and positive about the industry we’re in as a lot of investments continue to take place in construction, creating an outlet for our pipes, energy, solar and industrial products. We saw record sales for the first time in a quarter, and we’re looking forward to repeat that this quarter and in the others as we go along,” Foster said.