Date: February 20, 2020
Looking back at the Company’s most recent financial year, Chairman, Peter Chin, stated that the AMG Packaging and Paper Co. had, “experienced a year of recovery due to the discontinued operations of the toilet paper manufacturing business which had resulted in Comprehensive Loss of $29.9 million as opposed to $59.1 million in total comprehensive income.” Thus, AMG has returned to its core business of the manufacturing of corrugated boxes.
The Company is also ISO certified, speaking to the quality of the products produced by the Company. The Chairman added, “most of the manufacturing companies in Jamaica do not have this certification.”
In August 2019, AMG issued a JMD$100 million dollar bond which was well received according to the Chairman. Mr. Chin also added, “the proceeds were used to purchase the building on 12 Retirement Crescent.” Furthermore, “the Company should put a building on the property to start operations soon.”
Mr. Peter Chin highlighted that “there is great importation of cardboard boxes and thus with the expansion, AMG expects to increase its market share and be able to have more competitive pricing to compete with the imported products.”
Furthermore, the company is going to conduct market research to assess:
- Market share in Jamaica
- Market share in the Caribbean
- Feasibility of entering the food packaging business
- Cheaper input materials
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