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Derrimon Trading Group is now undertaking due diligence on a foreign company it was eyeing three months ago for possible acquisition. Its talks continue with the United States-based retail and distribution company, but Chief Financial Officer Ian…

The Rock Steady ballroom of the AC hotel was the venue two Tuesdays ago for the presentations of nominees in the category: Best (new) local product to be judged by the Jamaica Observer Table Talk Food Awards judges along with guest Derrick Cotterell, Group CEO and chairman, Derrimon Trading Company Ltd. There was a lot at stake, and each presenter put their best foot forward as they sought to position their product in the best possible light. Plus, the product given the nod this year would, courtesy of Derrimon Trading Company,

SOFTENING demand in the United States, rising product costs, and a hike in interest payments on debt combined to sap earnings at Derrimon Trading during the second quarter of the year.

The company released financials showing its profit for the April to June period of this year sank 9.68 per cent to $113 million dollars.

The lower profit was realised despite the group, which includes Spicy Hill Farm, Arosa Limited, Woodcats Limited and Caribbean Flavours and Fragrances, posting $4.6 billion in revenue — up 14 per cent during the quarter compared to a year ago.

St. George’s College returned as champions at the 10th staging of the two day Refresh St. George’s Cup which ended at Winchester Park on Sunday.

The annual tournament saw its first staging in 2011 and returned with a new title sponsor, Refresh Water after a two year hiatus due to the pandemic.

This year’s competition featured four teams St. Andrew Technical High School, WIlliam Knibb High School, BB Coke High School and St. George’s College who competed for a total prize money of $300,000.

The hosts school won the overall tournament with a total of seven points receiving $100,000.

St George’s College returned as champions at the 10th staging of The Refresh St George’s Cup which was held at Winchester Park on Sunday (August 7) where St George’s College emerged as the winners in total point standings at the end of the two-day tournament held on August 6 and 7.

The annual tournament saw its first staging in 2011 and returned on August 6 with a new title sponsor, Refresh Water, after a two-year hiatus due to the pandemic. This year’s competition featured four teams: St Andrew Technical High School, WIlliam Knibb High School, BB Coke High School and St George’s College who competed over the two-day tournament for a total in prize money of J$300,000 courtesy of Refresh Water.

Refresh Water has pumped $100,000 into the staging of the 10th St. George’s Cup football competition at Winchester Park, on August 6 and 7.

The tournament is making a return to the local football landscape after a two year hiatus due to the Covid-19 pandemic.

This year’s competition will feature St. Andrew Technical High School, Williams Knibb High School, BB Coke and the hosts St. Georges College.

WOODCATS International, the Kingston-based producer of pallets, has set its sights on diversifying its product offerings “up the value chain” by next year while it is also keen on pushing its products in the export market.

Derrick Cotterell, managing director of Woodcats International, told the Jamaica Observer that the company is currently exploring a number of possibilities with lumber, outside of pallets. “If we are going to make more profits for the company, it will not be through pallets. There is no great profit on pallets.”

Derrimon Trading Group is on the hunt to acquire another business beyond Jamaica’s shores, a potential deal directly targeted at getting the company closer to its goal of having 50 per cent of revenues coming from foreign markets.

“We can’t say yet at this time. We are still looking,” CEO Derrick Cotterell told the Financial Gleaner this week, when asked about the new acquisition possibility.

For years during the early stages of its operations, the Derrimon Group had what Cotterell described as “minuscule” foreign revenue from original subsidiary Caribbean Flavours and Fragrances, but a refined focus on diversifying revenue flows began in 2021 with the acquisition of Brooklyn, New York, United States-based grocery businesses, FoodSaver New York and Good Food for Less.