DTL plans to expand locally and internationally

Market News

September 28, 2020

September 28, 2020

Ian Kelly, Group Chief Financial Officer & Divisional Director – Sampars of Derrimon Trading Limited, commented on the financial performance of the business. Revenue moved from $9.30 billion to $12.65 billion in 2019, a 36% increase, mainly driven by the distribution business. Net profit amounted to $302.71 million, a 9% growth when compared to $277.21 million in the prior corresponding period. Derrimon Trading Limited (DTL), for six months ended June 30, 2020, reported trading income of $6.30 billion compared to the $6.29 billion booked for the prior year’s comparable period. Whereas, net profit amounted to $183.89 million, a 10% growth when compared to $167.63 million reported for the first six months of 2019.

Some Covid-19 response measures according to Derrick Cotterell, Chairman & Group Chief Executive Officer included:

Split into three shifts for warehouse staff, so that staff does not co-mingle
Supermarket- use of existing staff working on day on and day-offs
No layoffs

2020 Deliverables:

Made and sold sanitizers
Ecommerce took a significant boost

Derrick Cotterell, Chairman & Group Chief Executive Officer, outlined the Company’s outlook as follows:

Put all parts of the business on one platform
During the next financial year, further expand and deepen island-wide footprints in the business of distribution and retail store management
Implementation of first world technology, using automation to reduce overheads and drive profits and new IT software system by the end of the year
Improve in- house talent through training, internship and mentorship for succession planning
Future expansion locally and internationally

DTL wishes to diversify the business outside of the existing industry that the Company is in. Moreover, Mr. Cotterell noted that there is opportunity for “growth within the existing industries such as the food industry which has proven to be very resilient in covid-19. The food business, retail and support system to that business are what have made DTL covid-resistant.”

Derrick Cotterell stated, “we are looking to do expansion later this year in a bigger market than Jamaica, a market we can earn hard currency and withstand economic challenges that will come with covid-19”