Willdale eyes increased brick production
BRICK-MAKING firm, Willdale Limited recorded a 265 percent jump in profit for the year up to September 2018 from $304, 906 in the comparative prior year to $1,1 million.
The strong growth in profit follows a 38 percent revenue growth from $9,7 million realised in the prior financial year to $13,4 million while operating profit grew by 242,1 percent to $2,2 million from $644,380 in the same period.
Coupled with a 3 percent increase in sales volumes the company made significant earnings through disposal of a $11,2 million piece of land following approval by the company’s stakeholders.
Willdale is optimistic of better business prospects in the future considering the amount of household and Government infrastructure construction projects taking place in the country. The company also intends to invest in expansion of its product catalogue covering new brick styles and colour.
The company’s revenue also grew as a result of a surge in commodity pricing.
“Revenue growth was largely driven by a 34 percent increase in prices which were adjusted to recover cost increases.
“Prospects in housing development, schools’ construction, and university expansion and Government infrastructure will drive sales in the foreseeable future. The product range continues to be widened to provide customers with an expanded choice of colour texture and style,” said Willdale.
The company also pointed out the shortcomings of the recently introduced Government’s blueprint, Transitional Stabilisation Programme, at the same time aiming to benefit from the commencement of various institutional projects that are planned for this year to realise profitability.
“The policy changes being undertaken by Government under Transitional Stabilisation Programme present challenges to business in the short term. We are encouraged by the positive thrust of the 2019 National Budget which is targeting significant expenditure in infrastructure development, investment in the housing sector and construction of accommodation facilities in the higher education sector,” said Willdale.