Richard Pandohie, group CEO of Seprod Limited, has explained that the company is not undergoing a restructuring exercise after the disclosure to the market that four managers have left the company in the second half of 2020
Gavin Bellany separated on October 31, 2020; Basil Watson left effective November 30, 2020; and Dave Virtue and Roger Drinkall departed on December 31, 2020.
With an average annual revenue of JM$36 billion, Seprod is one of the largest food companies in the English-speaking Caribbean, employing over 1,500 across seven business units in associated subsidiaries. The group also has markets in 18 countries around the globe.
Pandohie told Caribbean Business Report that the departures included one retirement, one transfer to Musson Group, one person whose contract ended, and another who resigned.
Roger Drinkall held the post of general manager of Seprod subsidiary International Biscuits Limited. Dave Virtue led the Security, Health and Environment Department. Dr Gavin Bellamy served as general manager of Seprod subsidiary Serge Island Farms Limited.
The post of Basil Watson is unknown, but he is connected to another Seprod manager — Amanda Watson, who is commercial manager of Seprod subsidiary Jamaica Grains and Cereals, with whom he jointly owns 460,000 Seprod shares.
Seprod subsidiaries include Serge Island Farms Limited (SIFL,) which merged with Musson International Dairy (Bogwalk, St Catherine) operations into a single operation. The Dairy Consolidation translated to an investment of approximately JM$7 billion as at March 2019.
Another subsidiary is Facey Consumer Group, a large distribution company in the Caribbean and Central America with operations in over 30 countries. It specialises in food, pharmaceutical, telecom, and technology distribution.
For the three months ended 30 September 2020, the Seprod Group achieved revenues from continuing operations of JM$10.05 billion, an increase of J$1.86 billion over the corresponding period in 2019 and net profit from continuing operations of J$1.31 billion, an increase of J$1.03 billion over the corresponding period in 2019.
Management said that the increase in the quarter’s profit from continuing operations was due largely to a one-off gain of JM$762 million from the sale of a property due to the consolidation and relocation of a distribution operation; as well as efforts made in prior years to strengthen the business fundamentals.
These efforts included consolidating the dairy factories, increasing exports, and expanding the distribution footprint through the acquisition of the Facey Consumer business.