Jamaican listed company will be responsible for fully outfitting the hotel’s public spaces

Durrant Pate/Contributor

Jamaican contractor manufacturer JFP Limited has announced its first confirmed order in the United States for furniture production and outfitting.

The company, which was recently listed on the Junior Market of the Jamaica Stock Exchange, following its recent successful initial public offer (IPO) of shares, has been contracted by the Hyatt Place Newark Hotel in Newark, California. This move falls in line with plans laid out in its February 2022 prospectus, prior to the IPO, which was heavily oversubscribed.

The deal emanated from a trade show, HD Expo Las Vegas, attended by the company in August 2021 with the assistance of JAMPRO through its Export Max 3 Programme. The furniture production and outfitting contract with Hyatt Place Newark Hotel was signed on April 25 this year after months of negotiations.

Production for the furnishing of the Hyatt Place Newark Hotel began on May 3, 2022, and JFP, formally Jamaica Fibreglass Products, will be responsible for fully outfitting the public spaces.

Full value of contract unknown

JFP was unable to speak to the full value of the contract at this time, given clauses within the agreement, but Chief Executive Officer Metry Seaga assured that it was a significant opportunity for the Spanish Town Road, Kingston-based company.

Seaga and Stephen Sirgany, chief operating officer, are thrilled about the order, pointing out that “the JFP team set out in 2020 to intentionally realise our dream of serving companies within the US; we knew that our excellence in workmanship and production here in Jamaica would add tremendous value and new buying opportunities for companies in the United States. This agreement is aligned with our vision detailed in our company’s strategy that shareholders and the public saw in our prospectus and we are proud to say this is indeed happening”.

In May 2022, JFP released its first quarter results for 2022, which saw a 70 per cent increase in revenue from $64.7 million to $110.2 million, compared to the comparable period in 2021, and an improvement in the gross profit, which increased by 168 per cent moving from J$28.9 million to $77.3 million. The gross profit margin also increased from 45 per cent to 70 per cent relative to the prior period in 2021.