AMG Packaging and Paper Company Limited received approval for a second factory but is increasing its cash resources in the meantime.
For the year ended August 31, 2020, cash and cash equivalents climbed to $259.29 million compared to $90.47 million for the similar period of the previous year.
The box maker received approval from the Kingston and St Andrew Municipal Corporation to construct a second factory on a neighbouring lot to its Retirement Crescent operations in Kingston this year.
The company has secured a contractor and is also seeking new equipment to include in its manufacturing process.
Meanwhile, AMG has maintained high revenue levels, although sales slipped from $762.3 million at August 2019 down to $720.45 million this year end in August.
Profit after tax was $56.21 million compared to $59.14 million at August 2019 with EPS of 11 cents at year end, compared to 12 cents per share in 2019.
AMG had cost of sales for the year ended showed cost of sales reduced to $530.95 million down from $586.53 million in 2019.
Administrative expenses, selling costs, impairments and depreciation totalled $128.75 million compared to $110.83 million. Finance costs increased to $9 million from just over $5.27 million in 2019.
Meanwhile, the company also saw other income increase to $9.71 million from $4.56 million in 2019.
At year-end total assets were $821.27 million, up from $712.32 million at August 2019.