Date: September 25, 2018
Caribbean Cream Limited (KREMI) held its 5th annual general meeting today at the Knutsford Court Hotel, subsequent to its initial public offering. The meeting commenced with Chairman, Carol Clarke-Webster, highlighting that the Company reached its all-time high of $1.37 billion in revenues which was achieved in their most recent financial year end. Consequently, Chief Executive Officer (CEO), Mr. Christopher Clarke however indicated this boost in revenue was not translated to stronger net profits as the Company incurred significant increases in raw materials. He indicated KREMI decided to maintain prices as they aim to increase their market share. Nonetheless, he highlighted this strategic move was favourable for the Company as they have already seen improvements in their 1st quarter results, with revenues and net profit increasing 29% and 59% YOY respectively.
Achievements for FY2017
CEO, Mr. Clarke highlighted the following major achievements for the Company thus far:
- Ammonia Plant Expansion – increase production capacity by 33% while lowering electricity cost. Expected to be completed by November 1, 2018
- Tank Farm and Reverse Osmosis System – increase water quality which will ultimately improve the taste of products
- HACCP Certification
- New products – expected to hit the markets ‘very soon’
In the upcoming year, KREMI’s objectives are to:
- Continue the drive to increase the overall sales volume
- Continue capital investment
- Develop new products
- Meet HACCP compliance standards
- Continue to achieve operational efficiencies
- Train and develop their team
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