MDS surpasses a $2 billion milestone; placing focus on ‘managed growth’

Date: October 2, 2018

Medical Disposables and Supplies Limited’s (MDS) AGM was held today October 2, 2018 and was hosted by Mr. Winston Boothe, chairman of the said company who commenced with the usual welcome and introductions.

The chairman highlighted the financial performance of the company for the year under review as a significant milestone in MDS’s history as it surpassed the $2 billion mark for the first time. “Total revenues generated for the period amounted to $2.04 billion, a 19.3% increase, gross profits improved by 12.4% to $461.52 million which resulted in net profits after tax of $109.59 million, a 9% advance”, Mr. Boothe further stated. Notably, gross profits declined as a result of expired products that was written off within the period. In addition, there was a 21.4% increase in the company’s total assets to $1.47 billion with total shareholder’s equity amounting to $673.1 million.

Mr. Boothe noted, “MDS has embarked upon its new focus of widening its product offerings mainly in the medical and consumer division, which both creates opportunities as well as increases in our gross profit percentage.” The remodeling of the business structure into the pharmaceutical, medical and consumer divisions has also been in conjunction with its strategic objectives in producing results.

The way forward as mentioned by Mr. Kurt Boothe, General Manager, is to be able to ‘adapt to change’ and which he indicated can be achieved through the use of technology as a catalyst to achieve greater levels of efficiency. According to management, “The results from these fundamental initiatives were well-reflected during the fourth quarter when profit increased by 44.6% to J$14.2 million compared to last quarter.”

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