Campari drink sales double in Jamaica
Liquor consumers drank a lot more Appleton rum and Campari liqueur, with sales in Jamaica hitting €79.1 million for the year ending December 2016, according to year end financials released on Tuesday.
Jamaica contributed 4.6 per cent of total sales for Italian parent Campari Group. The largest rise in Jamaica resulted from Campari drink sales, which rose by triple digits, while Appleton and Wray & Nephew rums increased double digits.
The Campari Group made €166 million in net profit on revenues of €1.73 billion for its full year, reflecting a 5.5 per cent fall in annual profit.
"We continued to deliver sound growth across all key performance indicators in 2016, in reported as well as organic terms. We achieved these results thanks to the continued outperformance of the high margin global and regional priority brands in key high margin developed markets which helped compensate challenges in emerging markets as well as the negative impact of the low-margin non-core sugar business in Jamaica," said Campari CEO Bob Kunze-Concewitz in his statement to shareholders.
Jamaica grew overall by 11.6 per cent, but sugar continues to weigh on the results of J. Wray & Nephew Limited.
J. Wray & Nephew's sugar business has also been impacted by a court case with fish farming output Algix that resulted in the closure of operations at the estate for some time.