Salada increases contract manufacturing, highlights higher exports and new distribution
In its newly published annual report for the financial year ended, Salada Foods Jamaica Limited indicates that it has ramped up producing for other companies and wants to do more.
CEO Tamii Brown said, “Salada also leveraged its expertise in contract manufacturing to produce innovative beverage solutions for leading regional partners. The Company collaborated with Chas. E. Ramson Limited, to manufacture a line of drink crystals, featuring Caribbean favourites such as Pineapple Ginger, Mango, and Ginger Lemonade under the popular household brand Kisko.”
The Company, she outlined, utilized its spray-drying expertise and capabilities to convert “Jamaican favourites – mango and pineapple – to instant powder.” The instant powders formed the base ingredients of beverages now available on supermarket shelves in Jamaica.
Noting that the company wants to increase such partnerships, she stated, “Salada continues to position itself as a partner for innovation across the region, welcoming collaborations with distributors to create private-label products.
“Our innovations team is equipped to innovate flavours attuned to the nuanced profiles of the targeted consumer demographics. We invite regional distributors to partner with us to co-develop future household favourites under their leading brands.”
Brown meanwhile highlighted Salada’s export performance pointing to an increase of 10.8 pe per cent growth over prior year.
“Our partners in the northeast USA made significant inroads with the launch of our flavoured coffee line, which is the Coconut Cappuccino 3-in-1 Coffee and Caramel 3-in-1, as well as the Golden Turmeric Latte. These products were also listed on Amazon, thereby effectively broadening our consumer reach.”
During the year under review, the Salada also secured distribution of its flagship brand, Jamaica Mountain Peak, in Trinidad &and Tobago with Alstons Marketing Company (AMCO) Limited.
“The Golden Turmeric Latte quickly became a household favourite, contributing approximately 24 per cent of the value of the portfolio in Trinidad and Tobago.”
For the year ended September 30, 2024, total revenues increased to $1.48 billion or 5.8 per cent above the prior year (2023: $1.40 billion). Domestic retail sales increased by 7.8 per cent bolstered by volume growth.
Export sales grew by 10.8 per cent buoyed by the Company’s gradual expansion of its footprint in regional markets including, Trinidad and Tobago, Barbados, Antigua and Barbuda and St. Lucia. The operating profit margin improved to 15.3 per cent (2023: 14.9 per cent).
Net Profit generated for the year was $189.88 million, a growth of 5.6 per cent over the previous year (2023: $179.77 million). Earnings per share increased by 5.9 per cent to $0.18 (2023: $0.17).
Total assets for the fiscal year stood at $1.51 billion, an increase of 12.6 per cent over prior year, primarily driven by an increase in cash and cash equivalents, investments and inventories.
Inventories increased by 12.3 per cent over prior year, as Salada used forward purchasing as a required strategy to mitigate the recurring supply chain woes.
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