September 24, 2019
The financial year 2019 marked the first year of taxes for KREMI, as such, the Company has strategies in place to boost revenue. The Chairman, Carol Clarke-Webster, noted that , “Caribbean Cream Limited invested over US$500,000 in this new line, which has the capacity to supply the current Jamaican market, as well as export markets with additional novelty products.” Furthermore, she highlighted that, “these new products will be distributed through all our depots, as well as through our major distributors. In addition, Caribbean Cream is embarking on the build-out of a variety of frozen treats over the coming year.”
Revenue for the financial year as mentioned by the Managing Director, Mr. Christopher Clarke rose by 13% to $1.55 billion relative to $1.37 billion the previous year while net profit before tax amounted to $103 million, a 14% increase. However, revenue for the quarter ended May 31, 2019 totalled $417.67 million, a 1% increase year over year. Net profit for the quarter totalled $20.62 million. Mr. Christopher Clarke mentioned that this decrease in sales was attributable to, “factory shut down, severe drought affected us as we had to truck in water as well as it takes a while for depot to reach full sales.”
Mr. Christopher Clarke highlighted the following achievements for 2019:
- Factory Modernization
- Stick Novelties
- Icicles from stick lines (5 new flavours)
Future Outlook
In the upcoming year, KREMI’s objectives are to:
- Increase overall sales volume.
- Achieve operational efficiencies through capital investment.
- Develop new products.
- Meet HACCP compliance standards.
- Train and develop our team.
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