Salada seeking more from exports
Buoyed by big increases in exports and domestic sales coffee company Salada Foods Jamaica wants to extract more from exports by taking advantage of identified headroom for premium coffee products in overseas markets.
General Manager Diana Blake Bennett says exports at Salada grew 195 per cent and local sales by 73 per cent for the first quarter ended December 2019, and that the company sees opportunity for more gains.
“In looking to grow exports, we have to get those sales to a point where those export markets behave pretty much like the local market,” Blake Bennett said at Salada’s annual general meeting on Thursday.
The company is coming with new products -- some of which “will definitely target overseas” -- for which the packaging is in the final stages of development ahead of the roll-outs slated for later this year.
The company reported a turnaround in its first quarter ending December 2019, from a loss of $23.08 million the year before to modest profit of $5.4 million. That came on the back of a 67 per cent increase in revenue.
Sales amounted to $288.46 million in the quarter.
“We did a lot of work over the previous say 12 months that is only just paying off. We’re seeing that our efforts with local farmers has resonated with consumers. Overseas we have earned some good traction. We have engaged and reached out to our siaspora,” Blake Bennett told the Financial Gleaner.