Business
JAM | Oct 4, 2022

LASCO Distributors improves profit by 70% over last three years

Shemar-Leslie Louisy

Shemar-Leslie Louisy / Our Today

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Lascelles Chin, founder and executive chairman of the LASCO Affiliated Companies, welcomes LASCO Distributors Limited shareholders to the hybrid annual general meeting on September 28. (Photo: Contributed)

Jamaican consumer goods and pharmaceutical distribution company, LASCO Distributors Ltd, held its annual general meeting (AGM) at the AC Hotel Kingston (hybrid format) last Wednesday (September 28), where it announced record improvements in net profit and revenue for the 2022 financial year (ending March 31) during which the company maintained growth despite the pandemic.

Addressing the AGM, John De Silva, LASCO Distributors managing director, after thanking all members of the LASCO company for their efforts, said the company delivered 15 per cent growth and an 11.8 per cent increase ($1.0 billion) in net profit compared to the previous year.

The company has successfully delivered increased sustainable growth of 29 per cent over the last three years while increasing profit from $598 million in 2019 to $1.016 billion in 2022 (a 70% increase) and doubled dividends over the same period – from $150 million in 2019 to $316 million in 2022.

De Silva called the results, “a very strong, solid performance based on a strong foundation that this company has had for many years”.

From the consumer division, the company has delivered strong, top line growth, increased consumer trade marketing and investment, maintained a strong focus on cross-functional execution, expanded the distribution by looking for new and innovative ways to continue to reach consumers and drive growth.

The consumer division has grown by 10.2 per cent, delivered $18.3 billion in revenue and makes up 78 per cent of the company.

De Silva pointed out that the entire company’s revenue was $18.1 billion in 2019.

The portfolio includes popular Jamaican food and beverages, nutritional products and hygiene, home and personal care items.

From the pharmaceutical division, the company delivered strong top-line growth, margin-accretive, leveraging technology and strong focus on cross-functional execution.

The pharmaceutical division has grown by 35.1 per cent, delivered $5.0 billion in revenue and makes up 22 per cent of the company.

“This part of our business is very important in terms of how we diversify and build on the distribution strengths and the market knowledge that the company has,” said De Silva.

Director and Company Secretary for LASCO Affiliated Companies, Vincent Chen (left) greets a shareholder just before the start of the
hybrid LASCO Annual General Meeting at the AC Hotel Kingston.

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