Derrimon Trading Company Limited (DTL), the largest company by assets on the Junior Market of the Jamaica Stock Exchange, shared its 2024 financial results and strategic priorities at its Annual General Meeting (AGM), underscoring resilience, transformation, and a renewed focus on sustainable growth.

For the financial year ended December 31, 2024, the group recorded revenues of J$15.2 billion and gross profit of J$3.86 billion.

Total assets increased to J$17.7 billion, reflecting Derrimon’s strong asset base and continued market presence.

The Consolidated Group reported a net loss of J$606.87 million, driven primarily by higher financing costs. “Despite the challenges of 2024, Derrimon has taken deliberate steps to strengthen our business and chart a clear course for growth,” said Ian C Kelly, CD, Chief Executive Officer of Derrimon Trading Company Limited.

“We remain committed to operational excellence and brand expansion, unlocking opportunities both locally and overseas, while delivering lasting value to our shareholders, customers, and communities.”

During the year, Derrimon achieved several strategic milestones, including the reopening of its New York supermarket in November 2024. Spicy Hill Farms exceeded expectations, as well as, expanded and launched new product lines for both the domestic and export markets.

Caribbean Flavours & Fragrances (CFF) is on track to surpass J$1 billion in revenue by the end of 2025, fueled by expanding demand in Guyana and Trinidad.

Operational efficiencies at Sampars were improved through the improvement of the ERP system integration and improved sales from the broadening of the product range of Derrimon’s Delect brands.

Woodcats continues to evolve beyond its core pallet and crate business, executing growth initiatives to expand its market share while diversifying through the launch of its Summerlands line.

This new venture introduces innovative wood-based products such as mulch, custom furniture, orchid baskets, planter boxes, whilst positioning Woodcats as a diversified wood solutions company with strong potential to drive future growth within the group.

Derrimon also reported strong progress within its beverage portfolio, particularly the Refresh water brand, which continues to gain traction in the marketplace.

Looking ahead, early year-to-date 2025 results show improved operational performance compared to 2024, as the company works to return consolidated earnings to profitability.

Kelly reaffirmed Derrimon’s commitment to prudent financial management, efficiency within its operations, innovation, and expansion.

“We continue to actively pursue strategies to unlock shareholder value, including the sale of non-core assets in order to realign our balance sheet. Derrimon is entering an exciting new chapter of growth. Our commitment remains firm—to deliver sustainable value for our shareholders, employees, customers, and the communities we serve.”