JAMAICAN contract decor manufacturing company JFP Limited is eyeing the profitable export market as a source of additional revenue for the 36-year-old company.
JFP manages a robust export business within the Caribbean region providing quality products at competitive prices by international standards, aiming to build on this strength.
Whilst continuing to supply the island's growing hotel, casual dining, and business processing outsourcing sectors, the management of JFP sees a push into regional exports, as the next major source of expansion for the company, which recorded an increase in profitability for the fiscal year 2020.
This announcement comes as the company goes to the equities market with an initial public offering to raise $280 million. Metry Seaga, CEO of JFP Limited, has disclosed that JFP, “will explore creating agent agreements in more lucrative markets throughout the USA, Caricom, and South/Central American markets in the short term.”
He boasted that the management is proud of the fact that JFP has been recognised as one of the largest contract manufacturers in the Caribbean. “We already have a robust export business within the region and an impressive client base, but we believe there is significant growth potential in regional markets, and we want to seize the opportunity now,” Seaga lamented.
JFP has filled overseas contracts for St Lucia Coconut Bay, various properties in Canada, and Prestige Holdings Ltd (Trinidad) – operators of KFC, Pizza Hut, and TGIF. The company also supply major brands operating locally such as Sandals, Spanish Court, Marriott, Digicel, RJR, Restaurants of Jamaica, and Starbucks.
Operating from a 75,000-square-foot facility in Kingston, JFP is centred in the heart of the logistics hub of the Americas and has duty-free access to the North American market through the Caribbean Basin Initiative.
JFP started operations 36 years ago with a staff of 25, manufacturing primarily fibre glass, and has since expanded far beyond what the name suggests. With a workforce of 75 people, the company now sells products made from several materials, including wood, metal, solid surface, acrylic, and various types of upholstery for a wide range of industries including offices, hotels, restaurants, laboratories, and schools.
Known for providing high-quality products at competitive prices, JFP has grown revenue over the past five years at a compound annual growth rate of 11.6 per cent from $285.5 million in 2016 to $442.8 million in 2020.
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