Carreras to roll out expanded line of smoking products
Carreras Limited in an effort to secure more growth for the company said that it will be expanding its product line with new offerings.
The cigarette distributing company said that this move forms part of its strategic plan, which will see it venturing into the sale of cigarette lighters, rolling paper, shavers and razors among other paraphernalia.
“Carreras anticipates their roll out date for the new products [to] be January 18,” a report posted to the Jamaica Stock Exchange (JSE) website said.
Carreras which distributes popular brands such as Matterhorn and Craven A cigarettes locally, in its second quarter or six-month period ended September 30, 2020 reported sales growth of some 8 per cent for the period when compared to the same quarter in the prior year. Net profits for the period amounted to $1.56 billion, despite reductions stemming from the first quarter which was impacted by the novel coronavirus disease (COVID-19).
“Our performance in quarter two was mainly driven by the steadfast commitment of the team to recover from the difficult first quarter of 2020, influenced by the myriad of COVID-19 restrictions and their impact on expected consumption moments,” said Managing Director Raoul Glynn in his report to shareholders.
For the second quarter period, Carreras also saw a 17 per cent increase in shareholders’ equity which totalled $1.78 billion when compared to the $1.53 billion in the same period of 2019. A dividend of $0.17 ($825.2 million) was also declared— which was to be made payable on December 16 to shareholders.
“The pandemic is here for the medium term and we are ready to fulfil the mandate of the shareholders in delivering value in a most sustainable fashion. We are driven by the passion of our team, and our strong working relationship with the 10, 000 valid outlets that sell our products across the island. Our confidence that Jamaica will emerge stronger from this unprecedented crisis gathers steam daily, and therefore, Carreras remains optimistic in our outlook for the business,” Glynn also stated.