Spur Tree seasons Q1 results
Spur Tree Spices Jamaica was the first company to list on the JSE in 2022. At the end of its first quarter ended March 31, the company's revenues equal $383.6 million, 62 per cent more than that last year

SAUCE and seasonings company Spur Tree Spices, at the end of its first quarter ended March, reported increased revenues of approximately $384 million — 62 per cent above the corresponding quarter of last year.

Profits, though down some 6 per cent, totalled $47.8 million.

Set on becoming a fully fledged food company the Junior Market-listed business — which continues to seek out opportunities in new markets as it develops new product lines — also said that its first-quarter performance will set the tone for a successful year ahead.

"In addition to revenue from our acquisition investments we continue to build out our footprint into new territories and establish partnerships in key markets. Another key element of our core strategy continues to be increasing our footprint by creating new customer segments and to capitalise on new and emerging opportunities in both the local and international markets, which has also contributed to the additional revenue for the period," the directors said in notes accompanying the latest financial statements posted with the Jamaica Stock Exchange.

CEO of Spur Tree Spices Albert Bailey Naphtali Junior

The company, as it continues to navigate a challenging environment, said that while there has been a gradual reduction in freight rates globally its business will continue to prioritise the sourcing of at least 90 per cent of raw materials from local suppliers.

"Due to the high inflationary climate there has been an increase in costs of up to 30 per cent of some local raw materials. As such, we continue to strategise with our local partners to find ways to gain efficiencies and reduce costs over the medium to long term while leveraging economies of scale gained from business growth. We also continue to build capacity to store and process raw materials to be able to take advantage of any market excesses," the report further stated.

Expenses, which almost doubled to total $66.7 million, the directors said were largely driven by the consolidation of its newly acquired stake in the Linstead Market/CANCO subsidiary along with further investments in leased space and staff expenditure to support its ongoing growth strategy.

Moving shareholders' equity to $927 million and assets to $1.5 billion up to the end of the three-month period, the directors, banking on some strategic investments made, said the company is poised to deliver a successful year as it unlocks added growth.

"The first quarter provides a good indication of the foundation laid which we will build on for solid growth and value creation for our valued shareholders," the directors represented by Chairman Metry Seaga and CEO Albert Bailey said.

Now you can read the Jamaica Observer ePaper anytime, anywhere. The Jamaica Observer ePaper is available to you at home or at work, and is the same edition as the printed copy available at https://bit.ly/epaper-login


  1. We welcome reader comments on the top stories of the day. Some comments may be republished on the website or in the newspaper; email addresses will not be published.
  2. Please understand that comments are moderated and it is not always possible to publish all that have been submitted. We will, however, try to publish comments that are representative of all received.
  3. We ask that comments are civil and free of libellous or hateful material. Also please stick to the topic under discussion.
  4. Please do not write in block capitals since this makes your comment hard to read.
  5. Please don't use the comments to advertise. However, our advertising department can be more than accommodating if emailed: advertising@jamaicaobserver.com.
  6. If readers wish to report offensive comments, suggest a correction or share a story then please email: community@jamaicaobserver.com.
  7. Lastly, read our Terms and Conditions and Privacy Policy

Which long-term investment option is more attractive to you at the moment?