Sushi for Christmas, as ECL bets on new fresh food offerings and price revisions

 

Caribbean Money Daily

Food and Beverage company Express Catering Limited (ECL) for the year 2023-2024 is reporting higher revenue flows from of the thousands of visitors and Jamaican travelers that depart Jamaica through the Sangster International Airport in Montego Bay, Jamaica.

It also provides food and beverage offerings for approximately 7,500 employees that work in the various support services at the airport.

With higher numbers of 2,655,128 passengers accessing the post security departure lounge at the Airport, passenger numbers surpassed fiscal 2023 (2,439,598), reflected positively in consumer spend.

 For the year, spend per passenger was US$9.64, resulting in revenues of US$25,590,638, a more than 20% increase on fiscal 2023. Net Profit earned was US$1.4 million, translating to EPS of 0.09 US Cents per share.

The company is meanwhile expecting a positive impact from a new F&B addition. Expected to be opened during last quarter of calendar 2024 is a new restaurant featuring a healthy “fresh casual” concept, serving signature smoothies and frozen yogurts alongside menu items with a focus on fresh and healthy options.

Included is one of the largest sushi companies outside of Japan. The brand’s on-site Bento chefs prepare a selection of sushi, bento boxes, ramen, poke bowls and more, management states. Guests can eat onsite or buy pre-packaged selections at any of Express Catering’s Viva Grab and Go locations throughout the terminal.

ECL at year end May reported Total Assets stood at US$56.35 million, while Liabilities stood at US$48.9 million. Shareholders’ Equity was US$7.4 million, up from US$6.0 million in the prior year.

 For the new financial year, a downturn in arrivals was identified as being driven by the U.S. travel advisory, Hurricane Beryl and it being a U.S. election year.

 Company chairman Winston Dear commented that the outlook for the remainder of fiscal 2025 is for a marginal increase in passenger totals, but much improved revenue. Improvement is anticipated based on Jamaica investing in a more aggressive marketing presence in the North American market, an improved travel advisory and, additionally, the winter season recovering after the U.S. elections.

 It is also expected that the advent of additional hotel rooms opening for the winter season should also boost arrivals and, with us currently operating 18 brands, and that improved revenue will also result from us finalising price revisions.

 ECL is a Jamaican registered company and a subsidiary of Margaritaville St. Lucia, Inc. The ultimate parent company is Margaritaville Caribbean Group Ltd (MCG), a Bahamian registered company. MCG, through its various subsidiaries and partnerships, owns and operates a  portfolio of restaurant and nightclub concepts in Jamaica, Turks and Caicos and St Thomas USVI.

 The Group is the franchise operator of the Jimmy Buffet’s Margaritaville Restaurant, Bar and Retail Shops across the Caribbean and recently added the Bob Marley One Love Experience to its franchise operations.

Caribbean Money Daily

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