(Kingston, Jamaica) Derrimon Trading Company Limited (“DTL” or the “Company”), a leading distributor of consumer goods and publicly traded company on the Jamaica Stock Exchange reported having a successful third quarter (Q3) for the 9 months ended September 30, 2021 (Q3 2021), after reporting a Q3 record for revenues, net profits, and gross profits.
The nine (9) months consolidated results for Derrimon Trading Company Limited reported revenue of $12.196 billion an increase of $2.577 billion more than the $9.618 billion reported for the corresponding nine (9) months period in 2020. The growth in revenue can be attributed to the recovery achieved by all the local business units, gains from the new overseas subsidiaries and an overall improvement in the core business. The revenue generated for the reporting period is $4.143 billion which surpasses their record quarterly performance of $3.315 billion posted at Q3 2020.
This growth of 24.97% or $827.923 million can be attributed not only to the acquisition of the New York subsidiary (FoodSavers NY and Good Food For Less) in Q1 2021, but also to improved contributions from subsidiaries Caribbean Flavours and Fragrances Limited (CFF), the record performance by Woodcats International Limited and steady growth within the distribution and retail business segments. This is a commendable performance, given that we are still operation in a business environment where the difficulties faced from logistics and shipping costs directly affecting this industry and the loss of sixteen (16) business days due to lockdowns during the quarter directly affecting consumers abilities to make purchases.
“The performance recorded and reported in the third quarter and for the nine (9) months reporting period is a strong indication that the strategies of business diversification, currency diversification and industry integration continue to be strategic pillars for the performance of the business. And despite the challenges brought forth by the pandemic, Derrimon Trading continues to remain resilient as we move forward with our Derrimon 2.0 vision and especially as we embark on this next decade of change and growth. We anticipate the opening of our Select Brands May Pen in early 2022, which will be the largest supermarket in Central Jamaica and the continued growth of our portfolio of proprietary brands including our recently launched Refresh water brand,” stated Derrimon Trading Company Ltd, Chairman and CEO, Derrick Cotterell.
The company’s issued share capital also rose significantly to $4.53 billion due to their successful APO at the start of this financial year.
