Everything Fresh seeking new Financial Controller as old one quits

 



On January 30, Food company Everything Fresh Limited announced the resignation of its Financial Controller Bruno Loffler which will take effect on February 28, 2025.

In its third quarter report which ended September 30, 2024, the company said it was looking forward to higher hotel orders especially from one large new hotel which had just started doing business with them. However, profit was significantly down,

Everything Fresh is a Jamaican importer and distributor of fresh produce, dairy, pantry staples, baked goods, beverages and other food supplies. They aim to be a one stop shop of food supplies.

Revenue for the nine months ended September were $2.6 billion, an 8.1 per cent increase over the similar period in 2023 when sales were $2.04 billion. In 2024 Bahamas sales accounted for $506.9 million in revenue, an increase of 34.2 per cent year over year.

The company during the year saw higher expenses from new hires for warehousing, merchandising, transportation and also higher costs for maintenance of truck fleets.

Net profit for nine months to September was $48.3 million compared to $85.3 million for the prior nine months in 2023.

The group reported a 32 per cent in non-hotel sales, which have a higher margin than hotel sales and also higher margins for its Bahamas subsidiary during the period.

Everything Fresh Jamaica Limited which initiated operations in the Bahamas in 2019 after the transfer of sixty per cent of Everything Fresh Bahamas to listed company Everything Fresh Jamaica Limited.

The Bahamas venture, which was pursued as a measure to diversify business, has been growing in market share, company directors said in a letter to shareholders on October 27, 2020.

The Bahamas is a hard currency territory with the US dollar of equal value with the Bahamian dollar. By comparison, in Jamaica, the Jamaican dollar is currently valued at J$156.78 to one US dollar and continues to fluctuate in value.

The company has also targeted increased sales in supermarkets and retail in Jamaica .

The company has expressed its intention to diversify into this new space, as opposed to a previous concentration on the hotel sector alone.

The letter to stock holders from Everything Fresh said ; “Consistent with our vision when Everything fresh completed its IPO, the company has sought to replicate its operations and its success in other islands of the Caribbean.

“In early 2019, with the approval of the Board, the company began to explore a transaction that could satisfy this critical diversification role.

“Now with the completion of the transfer of a sixty per cent stake of Everything Fresh Bahamas Limited to the parent company Everything Fresh Jamaica Limited, the listed company takes this opportunity to update all shareholders.”

The letter stated that Everything Fresh Bahamas Limited is focused on supplying food products to supermarkets and the retail trade in the Bahamas.

The letter said that the new company “has realized remarkable growth from a standing start, propelled by a knowledgeable and logistics savvy Jamaican and Bahamian staff.”

The USDA Foreign Agricultural Service which researches trade indicates that the Bahamas is the second largest market for U.S. consumer-oriented products in the Caribbean.

 Caribbean Money Daily

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