SEPTEMBER 19, 2023
FOR IMMEDIATE RELEASE
PRESS RELEASE
CARIBBEAN FLAVOURS AND FRAGRANCES SET SIGHTS ON EXPANDING GLOBAL FOOTPRINT AND PRODUCT PORTFOLIOS
COMPANY REPORTS 21.09% INCREASE IN REVENUE GROWTH OVER THE DECEMBER 2022 PERIOD
(Kingston, Jamaica) Caribbean Flavours and Fragrances Limited (“CFF” or the “company”), a premier supplier of quality flavours and fragrances held its TENTH (10) Annual General Meeting (AGM) on Monday, September 18, 2023, where it reported strategic plans for the future and revenue of J$772.23 million representing an increase of 21.09% or J$134.515 million in comparison to the previous period 2021.
Held at the Terra Nova All Suite Hotel, the company reported a 47% year-over-year growth in export revenue and recorded a 16.90% or growth in its gross profit by 16.90% or J$229.01 million. CFF’s asset base grew by 4.43% to J$757.45 million and saw an increase in shareholders equity by 7.48% J$563.85 million. The 2022 financial year has set a great foundation for the upcoming financial year and set the base for the continued overall expansion of the company.
Ian Kelly, Group Chief Financial Officer at Derrimon Trading Company Ltd, spoke on the company’s financial results stating, “It was a very good performance. We recorded top-line growth of our revenue and gross profit which demonstrates that we are profitably deepening our export footprints in current and new markets, and making strategic investments for the future. We continue to plan for new markets and we hope that the Safe Quality Foods recertification will allow us to deepen our footprint across the Caribbean and internationally.”
As a company with world-class performance standards, CFF launched three (3) new products in the first half of the 2023 financial year and continues to re-tool and further upgrade its manufacturing plant thereby increasing capacity and automation of some of the manual processes. The SQF recertification allows for further innovation and the implementation of new initiatives and programs tailored for small and medium-sized businesses in the manufacturing sector.
Looking ahead, CFF remains focused on developing new products from its state-of-the-art laboratory while sustaining its strong export efforts in 2023. In collaboration with its holding company, Derrimon Trading Company Ltd. (DTL), CFF is actively exploring opportunities to export cordials and other products to New York. As Derrimon continues its ongoing expansion of the Delect brand and other associated brands, CFF is well-prepared to provide supply support.
“The future is bright for CFF. We have quite a few things in the pipeline and once those come through we expect to have a significant breakthrough in several of our areas – flavours, fragrances and ingredients. We will continue to push with export and deeper penetrate the local market. We remain committed to quality, innovation, and strategic expansion which will continue to drive success for CFF’s future,” explained Derrick Cottrell, Managing Director of CFF.
About CFF
Caribbean Flavours and Fragrances Limited, a company under the Derrimon Trading Group, is the premier supplier of quality flavours and fragrances for beverage, baking, confectionary and ice cream manufacturers across the Caribbean and are also the providers of an assortment of fragrances for household and personal care to local and regional manufacturing companies.
