Caribbean Cream profit almost doubles amid pandemic

Caribbean Cream Limited, which trades as Kremi, posted nine-month revenue of J$1.3 billion at November 30, 2020, an increase of $97 million or eight per cent, above the similar period last year.  

Caribbean Cream, operators of Kremi, saw its revenue increase eight per cent over the first three quarters of 2020.

The third quarter revenue was $441 million, an increase of $45 million of 11 per cent above the same period last year.

Net profit before tax was $97 million, an increase of $48 million or 96 per cent, above the same period last year. Net profit after tax was $85 million.

The company reported total assets, less liabilities, stood at $1 billion, an increase of $189 million or 22 per cent above the similar period at 2019.

Kremi’s Ocho Rios location has been receiving positive feedback since its September opening.

Company Chairman and CEO, Christopher Clarke, said that over the review period, the continued increase in COVID-19 increasing, and uncertainty about consumer purchasing power made the company’s future direction uncertain.

However, he noted the company remains determined to deliver on strategic objectives.

Over the nine-month period, the cost of operating revenue rose to $880 million, an increase $38 million or five per cent over the prior year. 

The third quarter costs were $298 million, an increase of $28 million, said to be driven by utility cost increases that resulted from higher sales and the preparation for the peak Christmas season.

Gross profit realised year-to-date was $453 million and increase of $59 million or 15 per cent. 

For the third quarter it was $143 million, an increase of $18 million or 14 per cent higher.

Kremi opened its new Ocho Rios depot in late September 2020 to serve the town and surrounding communities and to reduce travel time for retailers in the area. Company directors stated that “the feedback has been positive.”