Wisynco Group exports climb 50 per cent

Wisynco Group Limited (Wisynco) has reported growing demand in the United Kingdom for its Bigga brand ctontributed to overall exports climbing fifty per cent in the third quarter (Q3) ending March 31, 2021.

While production of the beverage has been brought back to Jamaica, sales abroad continue to climb, resulting in a year-to-date increase in exports of 28 per cent.

An employee checks off stock inside the new Sam Mahfood Distribution Centre launched by Wisynco Group on Friday, September 13, 2017. (File photo)

Management, in comments on results for the third quarter ended March 31, 2021, noted that “in the past, we licensed the production of Bigga in the UK to ensure availability.

“We are proud to therefore bring this production back to Jamaica and look forward to continuing growth in the UK and all our other export markets.”

Results for Q3

For the third quarter, the company’s gross profit of JM$2.6 billion was the same as the corresponding quarter of the previous year. 

Revenue of JM$7.6 billion, however, fell six per cent below the JM$8.1 billion achieved in the corresponding quarter of the previous year. 

Management noted that the surge in Covid cases during January and February, and the Government of Jamaica’s implementation of curfews, resulted in slower than anticipated business activities. For March revenues were stronger than expected.

“We have also seen some positive recovery in our food-service business (inclusive of hotels and restaurants), which we expect to continue. The expansion of our production facilities over the years hasaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa given us the flexibility to increase capacity, and during this quarter we recommenced production of Bigga for the UK market at Wisynco.” 

Profit before Taxation for the quarter from continuing operations was JM$813.4 million, which was JM$161.9 million or 25 per cent higher than the comparative quarter of the prior year.

For the nine months, Wisynco realised profit before taxation of JM$2.7 billion, the same as in Q3 2020. 

After provision for taxes, Wisynco recorded net profits attributable to stockholders of JM$672.6 million or 18 cents per stock unit for the quarter, which compared to the JM$580.3 million earned for the prior year.