Lighting and energy company, FosRich continues its expansion in Jamaica with plans to construct a J$1.8-billion superstore, which will be financed by the GraceKennedy Pension Fund.

The store will be located at 78 Molynes Road in St Andrew on lands currently being leased from the pension fund by FosRich. FosRich entered into an agreement for the construction of the new superstore last week.

The building will be constructed to FosRich specifications and will be subject to a lease by the Jamaican lighting and energy company for an initial period of 20 years. FosRich has been delivering strong profitability for 2022.

For the nine-month period ended September 30, 2022 profitability has surged by 116 per cent. FosRich chalked up net profits of J$388 million, up $209 million or 116 per cent from J$179 million booked for the same period last year.

Net profit for the September quarter came out at J$90 million, up $25 million or 39 per cent from J$65 million in 2021. For the nine-month period, earnings per stock (EPS) (adjusted for stock split) is 7.7 cents, compared to 3.6 cents in the prior period, an increase of 114 per cent.

For the September quarter, EPS came out to 1.8 cents, compared to 1.3 cents in the prior period, an increase of 38 per cent.