Following the disposal of its bleeding toilet paper manufacturing business, AMG Packaging and Paper Company has reported total comprehensive income of J$59 million for the year ended August 31, 2019.
The company recorded a loss of J$29,847,288 in total comprehensive income last year, which included its now discontinued toilet paper operations, as shared in its audited financial statements for 2019.
However, its performance bounced back in 2019 to earn J$59,137,184 in total comprehensive income while total revenues stood at J$762,295,299, an increase of 6.03 per cent over the corresponding period in 2018.
Deeming it a “recovery year”, the company’s Chairman, Peter Chin, said “In essence, AMG has gone back to its core business, the manufacturing of corrugated boxes.”
“The Company has begun the investigation on new equipment that will assist with production speeds and efficiency. AMG has joined The Independent Packaging Association to help with this investigation and future projects.”– Managing Director George Hugh
Chin also said AMG has completed acquisition of a property at 12 Retirement Crescent in Kingston “which will allow us to expand our operations and to better serve our customers.”
That property, according to the annual report shared on the Jamaica Stock Exchange, will receive funding from Proven Wealth Limited for its development. Additionally, the Kingston and St Andrew Corporation is reviewing architectural drawing for the location, AMG said.
Managing Director George Hugh said “The Company has begun the investigation on new equipment that will assist with production speeds and efficiency. AMG has joined The Independent Packaging Association to help with this investigation and future projects.”
Administrative expenses also rose 5.18 per cent from J$89,594,170 to J$94,293,817 over the period.
Two independent directors were added to the company’s Board during the period. Immediate Past President of the Jamaica Manufacturers and Exporters Association, Metry Seaga and Duke Holness joined the Board in January and April respectively.
AMG Packaging and Paper began its foray into the toilet paper business in 2015 with Tishoo with lofty plans to capture double digit percentage of the market. However, fire destroyed its distributor’s warehouse which affected its sales. It also saw poor sales from other brands Plush and Cottony due to more competitive imports.