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Honey Bun sees 81 per cent climb in year end profit

Baking Company Honey Bun Limited saw net profit increase by 81 per cent to J$156.5 million at year end September 30, 2019.

Honey Bun made J$156.5 in profit for the year ended September 30.
(Photo: facebook.com/honeybunja)

This compares most favourably against the J$86.4 million profit figure posted at year end in 2018.

The increase in earnings was made on revenues of $1.54 billion which itself reflected 16 per cent  growth over the similar period in 2018. Sales at year end September 30, 2018 were $1.32 billion.

(Photo: facebook.com/honeybunja)

Headed by CEO Michelle Chong, Honey Bun makes and distributes baked products to the local and export markets. The company operates from its bakery and head office on Retirement Crescent in Kingston.

The jump in net profit occurred despite a 24 per cent increase in cost of sales from $601.2 million in 2018 to $744.8 million this year.

The company has brought in new  staff and is adding to warehouse capacity through new construction.

Cost of sales increased 24 per cent over the financial year. (Photo: facebook.com/honeybunja)

Construction of the warehouse is expected to wrap up  before year end.

Honey Bun  describes itself on its website asthe fastest growing wholesale bakery in Jamaica, specializing in producing individually packaged pastries and baked snacks.

Honey Bun was founded in 1982 by Herbert Chong, now Executive Chairman.

Honey Bun exports its products to the region, as well as the United Kingdom.
(Photo: facebook.com/honeybunja)

The company, which was publicly listed to the Junior Market of the Jamaica Stock Exchange in 2011 produces over 40 SKUs from three brands: Honey Bun, Island Bites, and Buccaneer Jamaican Rum Cakes. 

Honey Bun exports throughout the Caribbean region as well as to the UK where products can be found in ASDA and Tesco, and in Canada Sobeys and Loblaws, as well as to small independent stores.

– By Avia Ustanny