Manufacturing and distribution company, Derrimon Group, reported consolidated total assets of J$15.3 billion for December 2022, representing a 33.57 per cent increase for the similar period over December 2021.
Derrimon Group, revealing its financial performance at Monday’s (September 18) annual general meeting (AGM), posted a net profit of J$617.6 million, a 37.8 per cent increase over the 2021 reporting period and consolidated revenue of J$18.4 billion, up 3.81 per cent.
“The financial journey of the company is one which started some 24 years ago. Back in 2011, the company’s revenue was just below J$1 billion. When I see how diversified we are today I am extremely proud of the execution of the strategic plan that was crafted back in 2011 by the leadership team and approved by our board of directors. It is a reason for us to be proud. Our total assets are just about J$15 billion that’s a big deal, it’s a sign that we are growing and indicates the strength of our company,” shared Ian Kelly, Derrimon Group chief financial officer.
The strategy of building a diversified group of companies continues to positively impact the financial performance of the group. There were many accomplishments contributing to the growth of the company and several factors influencing the positive financial outcome reported by the group. This included the successful completion and opening of the Select Grocers Supermarket at the Millennium Mall in May Pen, which opened to the public on November 16, 2022.
Derrimon also finalised the acquisition of Spicy Hill Farms Limited and the build-out and retrofitting of their new factory in Kingston, as well as fully acquiring Arosa Limited and the expansion of their proprietary brand, Delect.
“We are very happy with the direction of the brand and must accelerate that rapidly. The company has built a resilient and diverse cycle. I think we are executing the business plans very well and we believe that there is tremendous potential in the upcoming year,” shared Derrimon chairman and CEO, Derrick Cotterell.
As the company looks to 2023, Select Grocers, Millennial Mall, will launch into full swing with various businesses on the upper level of the store. The mega mart will offer consumers services such as micro-lending, travel and courier services, party supplies lighting and electrical items, all in aid of enhancing the overall shopping experience of consumers. There will also be continued growth in many of the company’s subsidiaries within the domestic and international markets with products supplied by Arosa, Spicy Hill Farms and the Delect brand.
The company is poised to continue in their deliberate strategy of being in manufacturing, distribution and retail and will do so by evaluating the many opportunities presenting themselves to distribute products for both local and foreign entities. In the upcoming year, Derrimon will move to revamp their e-commerce channels through subsidiary Sampars Cash & Carry in a quest to improve not only the customer experience but also integrate the Select Grocers and Delect branded products into the offering.
After 24 years in operation, the Derrimon Group is still in pursuit of greater goals and has a drive to complete several strategies in 2023.
“We have laid a foundation for a great company for over 24 years. My dream for this company is to widen awareness both regionally and internationally. We believe that Jamaica has the capacity to build strong world world-performing and successful companies. It may not happen in my lifetime, but I want us to be ambitious because big things have come out of Jamaica, and can also come out of Derrimon Trading. We want to thank the general public and our stakeholders for their continued support of the brand and we look forward to the possibilities and success of the company in the upcoming year and beyond,” shared Cotterell.