Salada Foods Jamaica Limited recorded tremendous strides in its Q3 fiscal year, showcased by substantial growth and strategic advancements.

Revenues for the quarter rose to J$405.5 million, marking a 46 per cent increase compared to J$276.9 million recorded in the same period last year.

This brought the nine-month revenue total to J$1.1 billion, a 17 per cent growth or J$167.1 million increase over the previous year. Salada Foods chairman, Patrick Williams, attributed the growth to sustained organic growth in the domestic market and the successful launch of the new Golden Turmeric Latte product.

“Our innovative Golden Turmeric Latte has been well-received in both domestic and export markets under our flagship brand Jamaica Mountain Peak, significantly contributing to our revenue increase,” stated Williams.

Gross margins improved by 83 per cent due to significant sales increases and efforts to optimise plant throughput.

“We have made strategic efforts to improve throughput and operational efficiencies in the plant, which have yielded impressive results.” Williams added.

Tamii Brown, Salada Foods general manager, highlighted the impact of their latest product and regional market expansion.

“The successful introduction of our Golden Turmeric Latte has significantly boosted our quarterly revenues. This product, launched in April 2024, has seen positive market responses and substantial sales impact,” said Brown.

She further emphasised the company’s regional expansion, noting strong sales footprints in It should be Trinidad & Tobago, Antigua & Barbuda, Barbados, Antigua and St. Lucia.

Operating profit for the nine months increased from J$118.4 million to J$200.3 million, a 69 per cent rise over the same period last year. This was supported by a 17 per cent increase in revenues and a strategic reduction in selling and promotional expenses, which were recorded at J$50.5 million, down from J$61.0 million in the previous period.

Net profit attributable to shareholders rose by 63 per cent, reaching J$162.2 million compared to J$99.6 million in the prior year. Earnings per share improved from J$0.10 to J$0.16. Additionally, the company declared dividends of J$0.064 per stock unit for shareholders on record as of June 14.

Salada Foods continues to prioritise corporate social responsibility initiatives, including ongoing financial support for Jebb Memorial Basic School and the recent establishment of an instructive vegetable garden on the school grounds.

“Our commitment to community development is unwavering, and we are proud to contribute positively to the education and well-being of the next generation,” remarked Williams. The company remains focused on addressing supply challenges in the coffee industry by collaborating with regulators and stakeholders to implement sustainable practices aimed at improving coffee yield.

“Access to Jamaican coffee remains a challenge as demand grows, but we are working closely with the Jamaica Agricultural Commodities Regulatory Authority, the Minister of Agriculture, and the Jamaica Coffee Growers Association to ensure sustainable supply solutions,” Brown explained.