NOVEMBER 16, 2023
PRESS RELEASE
FOR IMMEDIATE RELEASE
CARIBBEAN FLAVOURS AND FRAGRANCES LIMITED ACHIEVES RECORD-BREAKING Q3 2023 PERFORMANCE
REPORTS HIGHEST-EVER QUARTERLY REVENUE AND ROBUST FINANCIAL GROWTH
(Kingston, Jamaica) Caribbean Flavours and Fragrances Limited (“CFF” or “the company”), a subsidiary under the Derrimon Trading Company Limited, delivered strong results for the third quarter ending September 30, 2023. Revenue reported for the nine (9) months was J$668.268 million or 19.92% and $235.546 million or 19.16% for this latest quarter ending September 30, 2023. Both third quarter and nine months revenues that were reported represent the highest revenue since CFF’s historic listing on the Junior Market of the JSE in October 2013.
The Gross Profit reported was $230.003 million or 34.54% for the nine (9) months period and $86.05 million or 55.97% for the quarter. This reflects the outcomes from a combination of the broadening of the Company’s suppliers and partner base, and improvement in both procurement and logistic strategies.
The company’s net profit was up by 61.95% for the reporting nine (9) months periods and $37.560 million or 204.43% for the third quarter ending September 30, 2023. These improvements translate to significant improvement to both nine (9) months and three (3) months Earnings per Share now being $0.010 and $0.04 respectively.
Howard Mitchell, Chairman of Caribbean Flavours and Fragrances Limited spoke on the company’s financial results stating, “Caribbean Flavours and Fragrances Limited continues to reach unprecedented heights, and our stellar Q3 2023 performance reflects our commitment to excellence, innovation and providing options to our customers. The record-breaking quarterly revenue and significant profit growth underscore the resilience and strategic vision of our company.”
The notable increase in revenue was primarily driven by the implementation of their Annual Business Plan and the new innovations that were presented to customers, thereby creating a surge in orders within the flavours segment. This expansion of their offerings in flavours and fragrances contributed to substantial growth and showcased CFF’s commitment to meeting the evolving needs of a diverse market.
Looking ahead, CFF remains committed to growth and innovation, as evidenced by the successful launch of its new ingredients portfolio which provides new emulsifiers and enzymes poised to revolutionise the quality, texture, shape, and visual appeal of baked products – extending their shelf life in the market and marking a significant game-changing development in the industry.
The company remains optimistic about the future, with plans to achieve record revenues and surpass $100 million in net profit by the end of this financial year.
Mitchell noted that, “With a positive outlook for the remainder of 2023, CFF remains optimistic about achieving new milestones and contributing value to all parties involved. Our continued focus on compliance, safety standards, and strategic growth initiatives positions us for continued success in the dynamic marketplace.”
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