Caribbean Flavours and Fragrances Limited says it has made a breakthrough in Suriname.
The manufacturer has been supplying new products to the Surinamese market in addition to other flavours to newly-acquired customers in the beverage manufacturing segment within the region.
In its newly released annual report, the company said active work has commenced in other regional markets.
“Based on two exploratory missions undertaken during this financial reporting period, work has begun with the private sectors in the countries. We are confident that we will obtain the necessary approvals for registration and eventually trading,” the company said.
Caribbean Flavours currently has customers in Jamaica, Barbados, St Kitts, Trinidad and Tobago, Guyana, Grenada, Suriname, Canada and the Dominican Republic.
Management said that the company will continue to focus on innovations in the flavour technology, including sugar-reduction solutions.
A technical team at Caribbean Flavours and Fragrances has been working with a number of local and regional partners using existing technology to reduce the sugar content so that they can offer their customers healthier products, management outlined.
Results so far are “remarkable,” management said.
In the June 2020 quarter, profit for the company climbed 17 per cent year over year to 30.4 million. Net profit for the six months was $49 million, 22 per cent up, year over year.
Second-quarter profit was made on revenues of $161.1 million. Sales for the second quarter were up 41 per cent over the similar period in 2019.
Management said the focus will continue on the expansion of regional sales of fragrances along with pursuing new opportunities in the development of locally grown products such as sorrel and ginger.
“Despite the impact of the pandemic COVID-19 on our business and country, we continue to remain focused on innovation, product development and provide new solutions to our partners,” the company said.
Source: Loop Jamaica