Medical Disposables scores first billion in annual sales
Medical Disposables and Supplies Limited (MDS) has broken through the billion-dollar mark in sales for the first time in its 16-year history.
The medical supplies company posted $1.16 billion of revenue for the year ending March 2015, compared to $913 million the previous year.
Net profits also grew to $84.6 million, or by 49.7 per cent over the previous year's $56.5 million.
"The increase in revenue was mainly attributable to further market penetration of existing brands, as well as improved sales of new product lines," said General Manager Kurt Boothe.
Of the company's plans going forward, Boothe said MDS intends to deepen its sales push in a hunt for even more market share.
"We will also intensify efforts to increase product offerings where market needs are identified," the general manager said.
Total assets for the company stood at $956 million, following its January purchase of a 27,000-square-foot warehouse next to its own complex, which was financed by a $200-million loan from Bank of Nova Scotia Jamaica. The acquisition increased the value of the company's fixed assets from $94 million to $350 million. Concurrently, its long-term debt grew sixfold from $43 million to $243 million.
Renovations are ongoing, and Boothe said MDS expects to occupy the property sometime in the company's third quarter.
"The current operation is spread across multiple units in a commercial complex. The new building will house the entire operation under one roof, which will allow for less fragmented functions, greater controls and improved efficiencies," he said.
MDS was founded in 1998 and went public in via the JSE junior market in December 2013.