Tue | Aug 14, 2018

Salada reports better sales

Published:Friday | December 5, 2014 | 12:00 AM

Salada Foods Jamaica Limited has reported improved profits of $98 million for the year ended September 2014, amid rising sales.

Revenue grew by $102 million to $736 million, results that indicate a turn from previously falling sales and declining margins that the company reported back in June.

Up to the nine-month mark, sales were down 10.5 per cent, but recovered in the fourth quarter.

Net profit for the year rose by $14 million.

Salada is principally engaged in the manufacture and sale of instant coffee and roasted and ground coffee beans, as well as other consumer products.

The company recently diversified into condiments as a new food segment, through its popular Jamaica Mountain Peak coffee brand, with a ginger-based spice as well as a new tea, supported by a five-acre ginger farm.

Its subsidiary, Mountain Peak Food Processors Limited, manufactures and sells juices and condiments. The company also acquired a spice maker, Pimora, for $26 million in June.

Salada closed FY 2014 with total group assets of $877 million, up from the $785 million reported for 2013.

It held inventory valued at $228 million, down from $250 million in 2013. Inventories include raw and packaging material, finished goods held for sale, work in progress, and consumables.