Kremi reports growth in retail sales
Tameka Gordon, Business Reporter
Caribbean Cream Limited, which trades as Kremi, reported revenue of $741 million for the nine months ending November, a 22 per cent increase year-on-year.
The ice cream manufacturer attributes the spike to growth in its new retail line of ice cream products, as well as "strong sales" of novelty items and bulk market products.
Kremi made $31 million in profit over the nine months, which was a two per cent improvement on the $28.7 million made at the same time in 2013.
At its annual general meeting last year, CEO of Kremi, Christopher Clarke, said the company intends to take at least 15 per cent of the retail market. He told Financial Gleaner on Thursday that the company has seen "significant growth" in this segment but declined to state the precise percentage.
For the third quarter, Kremi posted a 26 per cent increase in revenue to $236 million, while net profit rose by 19 per cent to $13 million.
Kremi listed on the junior stock market in May 2013, becoming the first ice cream maker to go public.
The company is a manufacturer and distributor of bulk ice cream products. It produces 20 flavours of Kremi ice cream in three-gallon, 1.5-gallon and quart sizes, as well as three flavours of ice cream cake novelties. It also distributes the Flavorite brand of frozen novelties from Trinidad.
Caribbean Cream currently owns and operates three depots located between Montego Bay and Kingston, and its products are distributed through franchise operators at Red Hills Road and at Savannah Plaza on Constant Spring Road, and Liguanea in Kingston.
The ice cream maker commands a 50 per cent share of the bulk distribution market.
Kremi's retail products are distributed by Wisynco Group.