Wisynco Group Limited has indicated it will continue to expand its footprint in the alcoholic beverages market.
The company has now finalised plans to become distributor in the market for global giants AB InBev.
Initially, Wisynco will manage the Budweiser, Stella Artois, Beck’s and Corona brands but will also roll out several other innovations in the beer and spirits portfolio, management said.
“Going forward, our mantra will continue to be driven by growing our revenues wherever we can with specific focus on the overseas markets,” directors shared.
Exports increased 40 per cent over 2019, with noteworthy expansion in the Caribbean region, for the concluded financial year.
Management said even though the pandemic affected bar activity in those markets as well, an uptick in volume has been observed.
Directors note that while COVID-19 brought a significant disruption to business, “we at Wisynco have shown the ability to look adversity squarely in the eye.”
Revenue from continuing operations grew to J$32.2 Billion for the year ended June 30, 2020, representing an increase of J$5.3 Billion or 20 per cent over the J$26.9 billion in FY2019.
Gross profits from continuing operations were J$11.1 billion, a 10 per cent improvement over the previous financial year.
Up to the end of the third quarter, revenues increased at 27.5 per cent above on continuing operations.
However, the fourth quarter slowdown due to COVID-19 tempered the growth rate for the year to 20 per cent.
Management stated that revenue growth was driven primarily by the local market, but exports were also up.
Wisynco produces its own brands of beverages including BIGGAs, WATA, CranWATA, Sparkling CranWATA, Ironade and BOOM Energy Drink.
In addition to their owned brands, Wisynco is the exclusive bottler and distributor for Coca-Cola and Squeezz beverages.