The Seprod Group has reported revenues of $11.8 billion for the first quarter ended March 31, a 23 per cent increase when compared year on year.
The manufacturing and distribution giant, which runs a diversified operation comprising several subsidiaries, said that for the period, revenue growth was driven by robust export growth, improved product mixes and price increases.
Despite some fallouts seen for profits at the end of its last financial year ended December, the food and beverage conglomerate during the first quarter grew profits to $595 million — $49 million or nine per cent above that of the prior year’s quarter. Just last month the company in expanding its regional reach moved to acquire AS Bryden and Sons Holding, a 100-year-old Trinidadian company. It is believed the company is paying TT$800 million (US$118 million) for AS Bryden.
The company as it continues to navigate the challenges of current economic environment plagued by high volatility, supply chain disruptions and high commodity prices which is said was at “a 10-year high and shows very little sign of retreating”, said it remains bullish on improving its overall business. This, it said, will entail the ramping up of productivity through the retooling of its factories along with the operationalisation of its centralised logistic centre, expected to go live by the end of June.
“We will continue pushing product innovation, growing exports, becoming the partner of choice for great brands and focusing on supporting our people to unleash their full potential,” a note signed by the company’s management said in an interim report posted with the Jamaica Stock Exchange.