·      New records in revenue and net profit of $12.7 billion and $311.1 million respectively

Jamaican manufacturing, trading and distribution company, Derrimon Group recorded strong financial results in its just released 2020 annual report.

Notwithstanding the extraordinary event of the COVID-19 pandemic, the group, which is listed on the Jamaican Stock Exchange was still able to achieve various successes across the enterprise, particularly new records in revenue and net profit of $12.7 billion and $311.1 million respectively. During the year the group was able to finalize the moving of its Distribution Centre to Ferry Pen located off the Mandela Highway in St. Andrew.

The management reports that, “this new facility has helped us to improve our efficiency and also provided much-needed floor space to keep pace with the rapid portfolio expansion. Our Retail Division, which comprises Sampars & Select Grocers continued to do well and were particularly instrumental in serving customers during lockdown periods because of the pandemic.”

“We are particularly elated with the fact that our online store, shopsampars.com, was able to withstand the voluminous orders, which were submitted during this time. Our team members worked tirelessly beyond midnight on several occasions to ensure that we could fulfill our customers’ orders,” the management advised.

Subsidiaries’ performance was pleasing

Caribbean Flavours and Fragrances, which is among the group’s subsidiary companies performed well playing an integral part in supplying its customers during this challenging period and used the opportunity to launch sanitization products. According to the management, “this proved to be very useful to businesses, which wanted a bulk sanitizer product quickly in order to assist with safeguarding their establishment. Derrimon’s pallet producing subsidiary, Woodcats commenced its automation and retooling programme and it is anticipated that this investment will yield significant efficiencies for the business going forward. “

The Derrimon Group reports that “the upcoming year will undoubtedly pose its own set of challenges but we will still have to balance the reality of operating in a pandemic while executing our strategic plan. We are dedicated to implementing our Derrimon 2.0 plan, which will see the Group ascend to new heights. The Group will continue to grow organically as well as through mergers and acquisitions.”

The leadership and supporting team members are said to be highly motivated and excited about this new journey and look forward to collaborating with all stakeholders to convert these ambitious plans into fruition. Company directors in their 2020 report to shareholders say, “the financial results continue to be encouraging to us as a Board as it indicates growth in many of the key indicators as well as demonstrates that the strategies that we continue to implement have borne positive outcomes and contributed positively to the bottom line.”

They pointed to the stability in revenue recorded in both the distribution and retail segments of the business, which have come about despite the strict government related measures taken during the year to combat the pandemic, was very encouraging.

Derrimon achieved revenue of $11.650 billion and $12.777 billion for the company and group whilst growing gross profit to $2.167 billion and $2.483 billion respectively for company and group. “This is commendable and continues to set the pace for future growth,” the board articulated.