Lubricants and chemical manufacturer, Paramount Trading Jamaica has been capitalizing on new opportunities brought on by the COVID-19 pandemic.

In addition, the 2020-2021 financial year saw a continuation of adjustments by the company in grappling with the challenges and opportunities of a changing market and global economy, heavily influenced by the COVID 19 pandemic.

The company reports that it’s, “growth strategy helped us to identify and capitalize on new opportunities to further expand our own unique product offerings as well as increase support to the manufacturing sector. Furthermore, our strategy initiatives aided us in coping with the global disruption in supply chain and a fluctuating currency in FY2020-2021.”

Company Chairman, Radcliff Knibbs says Paramount remained agile during the period with continuous monitoring and process improvements to our systems, operations and products. Knibbs advised shareholders that Paramount was  able to accomplish mandates set from the previous year including building out offerings for sanitation and cleaning products through our technical division to support a growing demand for these products.

New packaging and product lines launched

In addition, the company launched its lubricant packaging line for passenger car motor oils and establishing contract manufacturing agreements with industry players. During the just completed 2020-2021 financial year, Paramount was successful in establishing distribution channels for some product lines, rationalizing operations and products to improve efficiency and profitability.

On the financial side the company achieved $1.43 billion in annual revenue, which was a shortfall of $78.0 million from last year’s revenue of $1.51 billion. This slight decrease in revenue was mainly due to rationalizing our product offering and lower revenues in the Construction and Lubricant divisions.

A net profit of $63.6 million was recorded, compared with $53.0 million from last year. This profit was due mainly to increased operating income from new product lines and containing of administrative expenses.

As regards its outlook, the company chairman remarked, “we will continue to focus on operational efficiency, sustaining and improving our existing businesses and converting the opportunities presented by the rapidly changing environment.