April 17, 2017
Jamaican Teas shareholders approved a 2 for 1 stock split at the Group’s Annual General Meeting (AGM), this past week on Wednesday April 12.
The stock split takes effect for shareholders on record as of April 19 and Chairman of the meeting John Jackson, advised that the stock would start trading ex split as of Thursday April 13 on the Junior Market of the stock exchange.
The Group reported profit of $118 million in 2016, up from $72 million in 2015, with total comprehensive profit rising to $153 million from $88 million for the same period. Profit from continuing operation rose more than 100 percent to $147 million. The Group’s Chief Executive Officer, John Mahfood, presented highlights of 2016 and an update on the new fiscal year to the end of March.
“Sales for the 3 months to March are up 38 percent while exports grew 47 percent. For the first quarter sales were up 8.5 percent over 2015. Export sales continue to perform well and will benefit from sales of five of our products that are being carried in 450 of Kroger Stores in the United States. In addition new markets have opened up in Suriname, Belize and St Marteen,” Mahfood told the nearly full house of shareholders.
“The focus for 2017 is reducing cost, improving margins, growing the export market and building brand awareness”. The CEO also pointed to expansion of and renovation for the Kingston Supermarket.
Mahfood noted that construction of 58 out of the 72 units is complete. The rest is expected to be finished in June this year. Sales of 36 units have been concluded with another 26 units sold but not yet delivered. The emphasis is to complete the remaining units by the early summer and commence construction of an 18 unit studio apartment complex, in the Manor Park area overlooking the Kingston waterfront.
Shareholders were introduced to 5 new products that were launched since 2016, Sour Sop drink, Whole Dried Sorrel, Cocoa-Nut that includes chocolate and coconut, Chamomile Herbal Tea and Instant Sorrel with Ginger.
The Group’s stock last traded on Wednesday at $7.50 (ex split price $3.75) but did not trade on Thursday on the Junior Market of the Jamaica Stock Exchange.
Financial Reporting courtesy of: http://www.icinsider.com.