Jamaica Producers Group (JP) says it is implementing a range of initiatives to improve digital processes at its logistics facilities.
The improved digital process will also better support commercial customers with improved inventory management and supply chain control and the timely arrival of cargo.
“During peak periods, the improved digital processes will enhance the overall customer experience and support social distancing during shipping, clearing and collecting personal effects and commercial cargo at our logistics facilities in the UK and the Caribbean,” management noted in its report for the first quarter ended April 3, 2021.
For the quarter ended April 3, 2021, Jamaica Producers posted a net profit attributable to shareholders of $256 million, an increase of 17 per cent over the comparable period in 2020. First-quarter revenues were also up six per cent over the 2020 First quarter.
JP Logistics and Infrastructure Division accounted for the major share of the group’s net assets and, in turn, its profits.
In addition to Kingston Wharves Limited, the division’s largest subsidiary (which operates a multipurpose port and warehousing and logistics hub), the results of the L&I Division for the first quarter include JP Shipping Services Limited (which provides logistics and shipping services between the Caribbean and the United Kingdom).
Divisional year-to-date revenues of $2.1 billion were up three per cent over the prior year, primarily as a result of increased regional transhipment activity at our port terminal, and overall growth in our logistics operations in the UK and the Caribbean.
The company’s Food and Drink division is the largest contributor to the revenues of the group.
JP Group is a market leader in fresh juice in northern Europe and serves as a co-packer of juice for major supermarket and food-service entities in the Netherlands, Belgium, Scandinavia and Switzerland.
The division’s year-to-date revenues of $3.3 billion are up nine per cent relative to the prior year. Management noted that during the quarter, the the division continued to experience significant challenges to food sales in travel retail, food service and convenience channels. This was, however, offset by increased sales of consumer staples to supermarkets as well as specialty foods through e-commerce and gifting segments serving the United States.
Management said margins were adversely affected by the change in the sales mix as well as extraordinary measures taken to maintain service levels across all aspects of the company’s international fresh fruit and vegetable supply chain and food processing facilities.
These challenges were compounded by significant price increases in key raw material items.
The F&D Division, nonetheless, generated year-to-date profit before finance cost and taxation of $87 million compared to $113 million, a 23 per cent reduction over the comparable period of 2020.
JP’s consolidated equity now stands at $31.5 billion of which cash, short term investments and securities purchased under resale agreements now amount to $9.4 billion.
Total equity attributable to JP shareholders now amounts to $16.3 billion, an increase of 16 per cent over the preceding 12-month period.