August 16, 2023
FOR IMMEDIATE RELEASE
PRESS RELEASE
DERRIMON TRADING COMPANY LIMITED ANNOUNCES RECORD REVENUES OF J$9.5 BILLION IN SIX MONTHS CONSOLIDATED FINANCIAL RESULTS
(KINGSTON, Jamaica) Derrimon Trading Company Limited (DTL) is proud to announce its financial performance for the six months ended June 30, 2023. The Group reported record-breaking revenues of J$9.5 billion, reflecting growth of 7.17% compared to the same period last year.
The period under review showcased DTL’s continued commitment to strategic expansion and operational excellence with the inclusion of Spicy Hill Farms Limited and Arosa Limited, along with the new Select Grocers location in Curatoe Hill, Clarendon which contributed significantly to the Group’s financial results.
Derrick Cotterell, Chairman and Group CEO of Derrimon Trading Company Limited, expressed his satisfaction with the Group’s performance, “We are happy to report another outstanding financial period, marked by record revenues and robust growth. Our ability to navigate challenges and seize opportunities underscores our dedication to delivering value to our shareholders and stakeholders.”
The Company reported record revenues of J$9.5 billion, representing a noteworthy increase of 7.17% compared to the same period in the previous year. This growth trajectory was further accentuated by an impressive rise in Gross Profit, reaching J$2.17 billion, reflecting a year-over-year increase of 14.31%. The company’s prudent financial management and strategic prowess were evident in its EBITDA of J$937.69 million, showcasing an impressive rise of 27.81% over the prior year. Notably, DTL continued to deliver exceptional value to its stakeholders, with a Net Profit of J$199.32 million, reflecting a remarkable growth rate of 22.40% compared to the previous year. The company’s commitment to shareholder value was also underscored by its robust Earnings Per Share (EPS) of J$0.039, marking a substantial increase of 21.74%.
Cotterell further commented, “Our dedication to efficient inventory management, cost optimization, and strategic partnerships has contributed to our improved six (6) months financial report but more importantly to the turnaround experienced in the second quarter’s financial performance. We remain vigilant in managing the potential risks while exploring avenues for further growth.”
The second quarter of 2023 (Q2, 2023) exhibited resilience in the face of challenges, with the Group demonstrating its ability to manage commodity price fluctuations and foreign exchange rate stability. Notably, DTL’s gross profit increased by 4.85%, reaching J$1.15 billion compared to the previous quarter.
DTL’s core activity, encompassing distribution and retail operations, also showcased promising growth with revenue from core activity increasing by 1.46% in the second quarter and 8.78% in the first six (6) months of 2023, further highlighting the Group’s operational prowess.
The economic environment in Jamaica and the United States, coupled with market performance, were also monitored closely during the period and DTL’s stock price, while experiencing fluctuations, remained robust and reflects the company’s stability and strategic direction.
As Derrimon Trading Company Limited celebrates its 25th anniversary later this year, the Group remains dedicated to delivering value to shareholders and stakeholders, building on its strong foundation of innovation, growth, and community engagement.
“Our commitment to operational excellence and customer satisfaction has allowed us to consistently deliver solid financial results, contributing to our position as a respected player in the Jamaican manufacturing and distribution landscape.. The Group’s diversified portfolio and strategic vision has enabled us to achieve sustained growth and create value for our shareholders,” shared Cotterell.
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