Seprod records first quarter profit of $312 million
Diversified processed food producer, the Seprod Group, on Friday (June 7) reported a $312 million after-tax profit for the period January to March 2019 despite a loss of approximately $150 million in its sugar operations.
Seprod's chairman Paul Scott and chief executive officer, Richard Pandohie, in reporting to stockholders on the first quarter, said this represents an increase of $19 million compared to the corresponding period in 2018. Based on the report, the Seprod Group achieved revenues of $9 billion, an increase of $4 billion over the corresponding period last year.
“This is a steady trend in the company's performance, consistent with the Group's 2018 audited results as the business continues its positive growth trajectory.
“The investments in acquisitions, distribution expansion, product innovations, increased exports and re-tooling of the manufacturing base continue to yield positive results,” Pandohie reported.
As to the loss with its sugar operations, the Seprod CEO spoke of the decision to do away with that particular section of the company.
“The decision has been to exit the sugar manufacturing operation at the end of the current crop, likely to be around mid-July 2019,” Pandohie said, while informing that the cane lands will be used for other agriculture and agro-processing ventures.
The company last month merged the Serge Island Dairy Farm in Seaforth, St Thomas, and the dairy-processing plant in Bog Walk, St Catherine, formerly owned by Nestle Jamaica, into what is now Serge Dairies.
For almost a century, Seprod has manufactured and distributed edible oils and fats products, milk products and beverages, cookies and crackers, juice beverages, corn/cornmeal products and canned meats, fish and vegetables.
Pandohie in closing said they are “confident that the business will continue to grow and deliver positive shareholder value”.