JFP anticipates best year ever
IN its first quarterly report since listing, JFP Limited said it is expecting to deliver its best year for profits and sales within its 37-year existence.
The company, which listed on the Junior Market of the Jamaica Stock Exchange (JSE) in March following the successful execution of an initial public offering (IPO) from which it raked in over $280 million in capital, saw revenues jump by over 70 per cent to total $110 million at the end of its first quarter period in March — a significant improvement from the $65 million earned for the similar period in 2021.
Profits for the three-month period amounted to $34.9 million, quadrupling the $8 million earned during the prior year period.
“The sound and agile revenue growth strategies employed by the company enabled it to build its resilience against the changing circumstances of the novel coronavirus pandemic. Many of our customers were also getting back on stream to start or continue with their capital projects,” CEO Metry Seaga said in the company’s report to shareholders.
The companym which specialises in the décor and manufacturing of furniture and other products made from fibre glass, supplies a wide range of hospitality clients including hotels and restaurants. Banking on the positive rebounding of the local economy and the resilience of the construction sector, the company is of the view that stemming from its continued strategic leadership and product diversification, it is hopeful in delivering positive future performances.
“As we continue to successfully manoeuvre these unprecedented times, we see significant opportunities not only here at home but internationally. To this end, JFP is setting its sights further afield whilst still paying keen attention to domestic market.
“With the company’s excellent performance in Q1 and its confirmed jobs in hand, we expect to have our best year ever in our 37-year history — both in terms of sales and profits,” Seaga said.