Seprod Group’s net profit increased by 113 percent to J$1.05 billion. Revenues for the quarter increased by 109 percent to J$23.64 billion.
The year-to-date performance sees net profit for the nine-month period at J$2.63 billion which is a 55 percent increase over the same period.
Revenues increased by 65 percent to J$51.44 billion. Seprod Group’s acquisition of A.S Bryden & Sons Holdings, a leading distributor of food and household goods in Trinidad and Tobago, played a huge part in the company’s overall performance.
Last year Seprod Group went through a mini-crisis when its main logistic center in New Port West Kingston was destroyed.
Despite the crisis, the company has overcome most of the struggles and transitioned to a new distribution center at Marcus Garvey Driver which is in the vicinity of the head office.
Seprod has been growing steadily over the years and the recent numbers show that the company is ramping things up. Earlier in September CEO Richard Pandohie stated that he wants to double the export output in three years. Currently, the number is at 15 percent and he wants to increase it to 30 percent.
He gave justification as to why he thinks that’s possible.
“Firstly, the brands that we own, like Serge, Supligen, and Betty, we can find new markets for them and expand their reach in additional markets. The other big element is the co-manufacturing and production, where we do third-party brands and produce for them,”.
Overall, these are positive numbers for Seprod and it’s interesting to see how the business navigates the space from now on.
