Date: August 22, 2018
Derrimon Trading Limited (DTL) held its 5th Annual General Meeting (AGM) today at the Knutsford Court Hotel. Chief Financial Officer and Divisional Director, Mr. Ian Kelly, highlighted the Company’s tremendous performance for their most recent financial year, indicating that though revenues only grew by 9% year on year ($6.72 billion), gross profit significantly improved 27% to $1.18 billion. This translated to a net profit of $281.8 million, up 76% year over year which the Company enjoyed. Additionally, Mr. Kelly highlighted the Company has not only improved its operational margins year on year, but their leverage ratios have also improved, moving from a debt to equity ratio of 220% in FY2013 to 141% for FY2017 and 93% as at June 30, 2018.
Chairman, Mr. Derrick Cotterell, provided the following strategic highlights which contributed the Company’s excellent performance. The Chairman indicated the Company:
- Grew the Retail Division with the full roll out of Sampars Cross Roads and Select Grocers
- Reduced their stake holdings in Caribbean Flavours & Fragrances from 75.02% to 62.02%
- Introduction of “Barrel” Shopping via www.shopsampars.com
In addition to their recent acquisition of Woodcats International Limited, Mr. Cotterell outlined the following strategic objectives for growing the business. He highlighted the Company intends to:
- Increase their market share across all divisions within the food industry
- Increase number of retail and wholesale business
- Collaborate with overseas partners
- Grow Sampars ship channel business
- Provide logistics services, not just limited to the food industry
- Diversify product offering for Woodcats
- Invest more in recruitment and human capital
- Endeavor to offer an exceptional customer experience
Notbly, the Company passed the resolution, “that each of the issued ordinary shares in the capital of the Company be subdivided into 10 ordinary shares with effect from the close of business on August 22, 2018 resulting in the total issued shares in the capital of the Company being increased from 273,336,067 ordinary shares of no par value to 2,733,360,670 ordinary shares of no par value.”
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