Date: September 11, 2019
Caribbean Flavours & Fragrances Limited continues to innovate and expand for growth, which was evident in their financial performance. Notably, the company changed their financial year to reflect a calendar year, relative to prior financial year ending June. The company produced a positive performance for the eighteen month financial period ended December 31, 2018. Revenues increased by 64.21% to $674.30 million compared to $410.64 million reported for the 12 months reporting period ended June 30, 2017. Moreover, profit was up 39.82% from $82.88 million reported for the twelve months to $115.88 million for the financial year. Chairman, Howard Mitchell, at the 2019 Annual General Meeting highlighted that the, “Company made major strides in the areas of:
- Communication and engagement with customers about industry innovations and new trends within our Caribbean markets.
- New product development and enhancements.
- Retooling of the factory and the replacement of new equipment.”
Mr. Mitchell highlighted the importance of the wellbeing of the nation and as such promotes the sugar substitute products and anticipates further growth for these product lines.
The Managing Director, Derrick Cotterell, highlighted developments from the 2018 period which included:
- Creating a hub for new product development
- Safe Quality Foods Certification (SQF)
- Working closer with International Flavours and Fragrances (IFF) and Caribbean Manufacturers
- Continuous upgrade of the factory century standard
In addition, Mr. Cotterell mentioned new product developments such as the new line of soft drinks and sorrel extraction, with the use of new equipment. He further stated that due to the SQF certification, resulted in businesses with Canada and also mentioned that new products has 50% less sugar which is a propriety product by IFF.
The company highlighted intentions to continue invest in exploring new opportunities outside of Jamaica and new equipment to facilitate growth.
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