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Honey Bun’s assets pass billion-dollar mark

Honey Bun posted revenues of $1.67 billion for the year ended September 30, 2020, compared to $1.54 billion at September 2019.  

Honey Bun’s total assets surpassed one billion dollars for the year just-ended.

The company earned net profit of $166.75 million, up seven per cent from $156.47 million the year before. Earning per stock unit at year end was 35 cents per unit compared to 0.33 cents at year end 2019.

Total company assets at year end were $1.07 billion, up from $957.94 million last year.

The publicly traded wholesale bakery was started by Michelle Chong and her husband Herbert in 1982 and has expanded in line with the demand for confectioneries. 

The company was the first in the island to have a seal and press machine and currently ships products to countries including the Caribbean, US and England.

Honey Bun is a wholesale bakery that also supplies confectioneries.

Honey Bun describes itself as the fastest growing wholesale bakery in Jamaica, specialising in producing individually packaged pastries and baked snacks. 

In 2004 Honey Bun moved to its current location at 26 Retirement Crescent, becoming publicly listed on the Jamaica Junior Stock Exchange in 2011.

Its audited results for the year ended reports cost of sales in fiscal 2020 rising to $875.50 million, alongside the rise in sales. This compared to costs of sales of $799.17 million in 2019. 

Both administrative and other expenses – $333.74 million (2019 – 299.27 million) – as well as selling and distribution expenses -$292.48 million ($277.46 million) –  climbed year over year.

Meanwhile, taxation declined to $24.29 million, down from $26.11 million in 2019.

Cash and cash  equivalents were $296.98 million at September 30, 2020, up from $192.76 million at year end 2019.