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Jamaican Teas revenue up almost 100 per cent

Jamaican Teas Limited (JTL), for the year ended September 30, 2020, saw company revenue increasing to JM$2.19 billion, almost double JM$1.29 billion reached at fiscal year end in 2019.

Net profit for the company stopped at JM$69.7 million compared to JM$483,117 earned as of September 30, 2019.

The Junior Market-listed firm engages in the manufacturing of teas for local consumption and export to the Caribbean and North America, real estate development, retailing (supermarket), and investments.

For the year under review, revenue from manufacturing accounted for the largest portion, JM$1.4 billion, while real estate contributed JM$534.47 million, and inflows from the group’s retail operations was JM$259.34 million.

At the same time, JTL’s cost of sales rose significantly from JM$958.08 million in September 2019 to JM$1.6 billion at fiscal year end.

However, during the period the company’s total assets contracted from approximately JM$4 billion to JM$3.51 billion. Notwithstanding, cash and cash equivalents almost tripled to JM$321 million, compared to JM$146.3 million reported in 2019.

Under segment reporting, no revenue was recorded for investments.

In its third-quarter report, directors of the company said manufacturing operations had good results during the quarter as sales improved by 33 per cent to JM$386 million. They attributed this increase to export sales, which grew 56 per cent year-on-year.