Coming out of a record-breaking first quarter, Stationery and Office Supplies Limited (SOS) continues its success streak, as the company has further expanded its presence in the Caribbean region through a furniture supply partnership with the APEX Group in the Cayman Islands.
The agreement will see SOS supplying products from its furniture lines, EVOLVE, and IMAGE to the Cayman-based company, which specialises in a wide array of products for commercial and residential properties. It comes on the heels of SOS’ distribution partnership with Trinidad and Tobago’s The Office Authority, inked in January.
The agreement sees SOS distributing the company’s paper products locally in exchange for the distribution of their high-quality furniture lines. The partnership will not only further advance SOS’ regional footprint, but it complements the APEX Group’s expansion into interior office solutions.
Months of discussions
Commenting on the partnership, SOS managing director Allan McDaniel posits, “SOS and the APEX Group have been in discussions about this partnership since the beginning of 2023. The APEX Group has a solid presence in the Cayman market and access to a number of clients for which our products would be a good fit. So, we’re pleased to see this arrangement finally taking off with the first container of goods to be delivered by the end of July.”
With major accomplishments in the first quarter of 2023 such as achieving its highest-ever quarterly revenues totalling J$519 million and highest-ever pre-tax profit totalling J$108 million, SOS is optimistic that its Caribbean sales will soon play a major role in what drives profitability for the company.
“Establishing valuable partnerships often takes time and a lot of planning, but we see where this sector of business is finally beginning to flourish. With our increased Caribbean sales and other plans in the pipeline, as a company, we’re optimistic about surpassing our 2022 performance, which has been our best financial year yet. Our goals really are to grow all aspects of the business, support our team and put our best efforts forward each year ‘round,” McDaniel said.
In its 2023 Q1 results, the company recorded a 22 per cent revenue increase primarily due to an increase in revenues from its SEEK brand, the EVOLVE line and sales from its Montego Bay location.
Consistent with its growth plans for the year, SOS has invested over J$60 million into the construction of a 7,000 sq. ft. warehouse at its Beechwood Avenue property that will create additional storage space for up to 200 inventory pallets, a new holding area for clients and additional space for the SEEK factory.
The company will also double its storage capacity at its Montego Bay location, increasing inventory to accommodate an anticipated uptick in demand from hotels, restaurants and other businesses as tourist arrivals increase.
Meanwhile, there are several other negotiations ongoing between the company and other leading regional suppliers that will see the local stationery and office furniture powerhouse realising its full potential both locally and internationally.