Meals manufacturing group Seprod Restricted has reported web earnings of $3.17 billion, made on revenues of $38.07 billion for the 12 months ending December 31, 2020.
Web revenue displays a rise of $1.46 billion, up 86 per cent over the 12 months ending December 2019. Income climbed by $5.37 billion or 16 per cent throughout the 12 months, in comparison with 2019.
Fourth-quarter revenues totalled $9.41 billion, a rise of $1.51 billion or 19 per cent over the corresponding interval in 2019. The quarter’s web revenue was $614 million, a rise of $19 million or three per cent over December quarter, 2019.
“This ended 12 months that validated deliberate efforts made by the board in prior years to concentrate on execution, a robust innovation pipeline and diversification of our income pillars,” CEO Richard Pandohie and Chairman PB Scott mentioned in notes accompanying the monetary outcomes.
They additional famous: “The pandemic has introduced many challenges, however it has additionally provided alternatives for us to relook at how we function, accelerated our digitisation course of and is driving us to broaden our innovation pipeline to incorporate more healthy choices.”
Web revenue from persevering with operations of $3.17 billion included a one-off acquire of $762 million from the sale of a property that the group disposed of as a result of consolidation and relocation of a distribution operation.
Corporations throughout the meals manufacturing group embrace Industrial Gross sales Restricted, Serge Island Farms Restricted, Worldwide Biscuits Restricted, Caribbean Merchandise Firm Restricted, Golden Grove Sugar Firm Restricted, Jamaica Grain and Cereals Restricted, Musson Dairies/Serge Dairies and Facey Commodity Firm Restricted.
Seprod Group exited its loss-making sugar manufacturing operations in July 2019.
As required by accounting requirements, the losses from this discontinued operation are introduced as a single line merchandise within the Assertion of Complete Revenue till the operation has been disposed of (losses for historic durations have additionally been re-presented on this method for comparability).
The losses from this discontinued operation for the 12 months ended December 31, 2020, amounted to $70 million. This compares to losses of $732 million (inclusive of a $331 million write-down in belongings following the closure of the manufacturing facility) for the corresponding interval in 2019.
“The pandemic has had a unfavorable affect on our operations, however the group’s diversified portfolio has actually allowed it to be resilient up thus far,” it was famous.
Seprod mentioned it has gone above and past the well being protocol pointers of the Ministry of Well being and Wellness to make sure the protection of everybody that has to interface with the enterprise and to make sure provide continuity to clients and shoppers.