Seprod is seeking to increase exports by 25 per cent during the new financial year, according to CEO Richard Pandohie.
Pandohie announced measures to drive growth in the company’s annual report which was released this week.
Seprod, a joint venture partner in Gold Seal wheat products, has been exporting to Colombia, Haiti, Trinidad & Tobago and Barbados.
Overall exports, he said, will be targeted for improvement.
In remarks in the annual report, the CEO said that while the current year is full of many unknowns, “it is the intent of your management to deliver strong revenue and operating profit growth by exciting innovations in all our operations; driving distribution synergies to improve our efficiencies, distribution footprint and gain more control of the supply chain from factory to retail shelves; and expanding our exports which we hope to grow by 25 per cent each year.”
He said the group is also focused on continuing to look for acquisition opportunities and partnerships (locally and internationally) “that will be value enhancing; “Attracting and investing in talented people with a can-do attitude”; expanding contract manufacturing opportunities; and investing in charitable activities, through the Seprod Foundation, to bring value to the wider population.
In 2019, net profit from continuing operations was J$1.99 billion, an increase of $510 million or 34 per cent increase over 2018.
Commenting on prospects for 2020, he said the “Pandemic COVID-19 is truly reshaping our world and the way we do business.”
He outlined that the company will be “spending a tremendous amount of money to consolidate our warehousing operations and create a distribution organisation that will be cost competitive and have superior customer focus.”
The project began last year with the first warehouse completed and Industrial Sales Limited (one of Seprod’s distribution companies) being relocated to Felix Fox Boulevard.
The other warehouses will commence in 2020 and will be supported by an expanded distribution fleet, Pandohie said.