FosRich Company Limited (FOSRICH) had an excellent first half of this year, 2022. Net profit grew 160 percent to $298 million from a revenue stream of $1.8 billion. The key drivers for growth came from the solar business, LED, PVC (polyvinyl chloride), and the copper part of the business.
Cecil Foster, managing director of Fosrich told the Jamaican Business Observer that he was impressed by the amount of LED sales his company sold and his fruitful partnership with JPS.
“During the period we supplied a shipment of LED streetlights to the Jamaica Public Service (JPS) Company. That made LED [sales] increase by a pretty good number for the period,” he said, without expounding on what that number was.
FosRich has been contracted by the JPS along with a Canadian firm to supply the LED lights for the more than 110,000 streetlights it has been changing across the island over the last few years. He noted that nearly 75 percent of the project is complete so far. “We are expected to be in the game for the next 25 percent.”
“Right now we are in the ballpark of doing some projects outside of JPS. The JPS portion of LED was 18 percent of LED sales for the period for FosRich.”
“We are always looking at other projects, some of which we can’t talk about yet. A lot of infrastructures are being put into many housing developments across the country and we are positioning ourselves to supply them with cutting-edge LED lights from Philips.” He said.
He also went on to comment and assert the fact that his company is expanding regionally and he is seeing growing interest abroad which ForRich is capitalizing on and will increase in the future.
“We have shipments flowing out more frequently now, including another shipment which is set to go out next week. At the same time, the PVC market in Jamaica is still very much under-supplied by us, and so we are seeing growth consistently for the last six months in PVC sales.”
“The export market is growing and we expect that to continue growing to a sizeable number,” he said optimistically. “Ships are sent with PVC in intervals of under two months. We are growing the business with the export market and we are looking to other markets outside of Barbados, such as the North American market, and so on.”
FosRich will continue to grow and expand its presence within the Caribbean region as products such as solar and LED are lucrative items to export amongst our Caribbean trade partners.
