Stationery and Offices Supplies Limited (SOS) continues its growth momentum recording its highest revenues in a quarter of J$519 million, based on its just released unaudited financial statements for the first quarter ended March 31, 2023.
At the same time, the Jamaican office supplies provider has further solidified its position as a powerhouse in its industry. Overall, SOS recorded a 22 per cent increase in revenues compared to the same period in 2022, a year that was marked by record-breaking performances.
Managing director Allan McDaniel explains that although revenues in 2022 reached an all-time-high, SOS is confident that it can surpass expectations in 2023 and beyond.
According to him, “we can’t help but feel a sense of pride with the achievements of this first quarter. In 2022, we experienced an unprecedented 54 per cent increase in revenues from 2021, which can be intimidating as it’s a high benchmark to beat. However, through strategic planning and our dedicated team, we’re off to an impressive start and I do believe we will set a new record this year.”
Remarkable profit growth
Bolstered by a robust product portfolio and a highly talented workforce, March saw the highest monthly revenues the company has achieved to date at J$207 million, and the highest pre-tax profit to date, totalling J$47.2 million. Overall, revenues increased to J$519 million, up from J$427 million in March 2022 while pre-tax profit rose to J$108 million, up from J$104 million.
SOS accredits this monumental success to plans initiated in previous years which laid a solid foundation for the quarter. Among the areas driving revenue increases is the SEEK brand, which experienced a 60 per cent growth to J$24.6 million from J$15.5 million in 2022.
The company’s newest furniture line, EVOLVE, saw a revenue increase of 30 per cent while services provided for document destruction led to a 48 per cent increase in revenues, maintaining a positive track record for business growth. Sales at the Montego Bay branch increased by 50 per cent from J$44 million during the preceding year’s equivalent timeframe to J$66 million.
Additionally, revenues generated from the sale of Sentry Safes continue to grow, as SOS recorded a 51 per cent increase, signalling that more customers are seeing the value in home and office fireproof safes.
High aspirations for 2023
Despite a challenging economic landscape, SOS has consistently demonstrated resilience and agility, revealing unprecedented numbers across key financial indicators.
With no intention of slowing its growth, in the first quarter of 2023, the company signed an agreement to build a 7,000 sq ft warehouse at its Beechwood Avenue property in St Andrew 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.
Moreover, its business relations in the Caribbean are beginning to flourish, largely attributed to its partnership with Trinidad-based The Office Authority, which purchased two containers of products this quarter, even as another two islands are slated to begin distribution for SOS in the second quarter.