Date: September 28, 2018
Lasco Distributors Limited (LASD) held its 8th Annual General Meeting today at the Knutsford Court Hotel. Chairman, Hon. Lascelles A. Chin, in his opening remarks, highlighted that the company exceed several financial targets for the year ended March 2018, recording its highest net profit to date. LASD’s net profit grew by 65% to a record $1 billion relative to $609 million in the prior year. The Chairman indicated that, “this increase is in line with the company robust growth strategies, cost efficiencies, marketing initiatives and proceeds from the Pfizer case.
Managing Director, Mr. Peter M. Chin discussed the company performance and the outlook for Lasco Distributors for the upcoming year. Mr. Chin elaborated on the important aspect of the company’s growth strategy which is in line with improved operational efficiency. He further mentioned that, “the company increased its warehouse capacity which led to greater efficiencies in both logistics and service delivery.
Lasco Distributors Limited benefitted significantly from volume growth in their flagship brands, LASCO Food Drink and LASCO iCool. Although, there was increase growth in volume, the company maintained its aggressiveness in bringing new products to the market. Since the start of 2018, the company has received a favourable market response with the introduction of their 50% less sugar LASCO Food Drink in March 2018 and also reduced sugar content of their iCool juices. Mr. Chin went on to mention that, “In February 2018, the company launched two new products, a carbonated beverage LYRIX and the potent adult energy drink KONKA.” He added that, “both products have received positive feedback from consumers and based on this, the company expects to see growing market share from these product lines in the coming months.”
The Company is based on brand development and sales growth which is achieved through strategic focus. As such, the company has highlighted actionable objectives for the upcoming year:
- Achieve sustainable revenue growth and profitability
- Increase principal brands representation expand and rationalize product portfolios and grow market share
- New products to market – increase market share and growth for new lines, to drive market leadership position
- Achieve revenue growth through market development of their brands in the export territories
- Expansion of their core product drives
- Improving operation capacity – completion of phase two of the warehouse expansion project
- Technology improvement
- Service delivery and channel management