DTL REPORTS J$726.046 MILLION or 30.65% IN RECORD NET PROFITS AND GENERATES J$4.639 BILLION OR 36.09% IN GROSS PROFITS FOR FYE 2022
CONSISTENT GROWTH THROUGH DIVERSIFICATION AND EXPANSION
(Kingston, Jamaica) Derrimon Trading Company Limited (“DTL” or the “Company”), reported having consistent growth through diversification and expansion for the year ended December 31, 2022 (FYE 2022). Despite the many challenges experienced in the various markets and spaces in which the Company operates, DTL reported increases in consolidated total assets, revenue and profit for FYE 2022.
The twelve (12) months consolidated results for Derrimon Trading Company Limited reported consolidated total assets of J$15.372 billion which represents a 33.57% or J$3.863 billion growth over the J$11.509 billion reported for the similar period ending December 31, 2021. Consolidated revenue of J$18.420 billion, a J$0.675 billion or 3.81% increase over the 2021 reporting period and consolidated Gross Profit of J$4.639 billion, a J$1.230 billion or 36.09% increase over the J$3.409 billion reported in 2021 reporting period.
The Company also reported Operating Profit of $1.189 billion representing a 51.15% or J$402.585million increase over the $787.04 million reported in 2021, and Consolidated profit before tax of J$726.046 million, a $170.327 million or 30.65% % increase over the reporting period with Net profit after tax of $617.629 million, a $169.45million or 37.81% increase over the 2021 reporting period.
Derrimon Trading Company Ltd, Chairman and CEO, Derrick Cotterell stated, “During this year, our Company continued with its various innovations as well as the expansion and diversification strategy that is being pursued. The revenue streams from the key US market operations and the domestic internal portfolio adjustments during the financial year were pivotal to the Group navigating the many market dynamics which remain negatively influenced by the lingering impacts of the global pandemic, inflationary economic pressures and general slowdown of economies.”
During the financial year, there were many accomplishments contributing to the growth of the business and several factors which influenced the positive financial outcome reported by the Group for FYE 2022. These include, the completion of negotiations with the shareholders of Arosa Limited and full takeover of operations on April 1, 2022, and the successful completion of the full build out and opening of the new Select Grocers Supermarket at the Millenium Mall in May Pen, in November 15, 2022 and The Company also reported the successful completion of the acquisition of Spicy Hill Farms Limited and that they have also began the retrofitting of equipment at their new factory at Marcus Garvey Drive.
Aligned with their diversification strategy the Company also reported the implementation of the new retail technology platform – Microsoft LS Retail in the new Select Grocers supermarket and further roll out in all of their retail stores.
The company continues to expand and diversify the sku’s portfolio of the Derrimon Delect brand introducing new products such as coconut milk, corned beef and mackerel to the existing line of products with an active development and implementation of the route to market strategies.
“Notwithstanding our financial results, the operations of our Group of companies in many markets continue to expose us to various risks and challenges, however, given the diversification strategies, competence of our leadership and team , our vision and our focus, we are confident that our Group of companies will continue to produce positive results to create and maintain wealth for our shareholders. I’d like to thank our loyal management team and employees for their commitment and dedication during this year, as well as our shareholders, customers and other stakeholders for their continued support ,” stated Cotterell.
The Company also reported continued growth in revenue, margins and profitability from the Retail, Distribution and e-commerce segments of the business.