KINGSTON: Caribbean Flavours and Fragrances (CFF) is hoping to expand its footprint in the local and international markets following a $10.32 million increase in net profit for its June financial year end.
The company saw its net profit move from $47.39 million to $57.71 million year over year, led by the company’s ability to manage operational expenses and double-digit growth of its revenue.
“The economic environment has allowed the company to grow its revenues and profits by securing new markets for fragrances and increasing the volume of sales of flavours to existing customers and new customers in foreign markets,” the board of directors said in a statement to shareholders.
CFF supplies more than 25 flavours and water-soluble colours to food and beverage manufacturers. The company also manufactures and supplies fragrances for household cleaning, body care, and aromatherapy and air refresher industries, resulting in revenue of $306.8 million or an increase of $5.4 million over the $255.36 million reported for the 2014 financial year.
Their customers are located in the US, Canada and Jamaica as well as in five other Caribbean countries: Trinidad and Tobago, Grenada, Barbados, St Kitts, and Guyana.
“Based on the outlook for the coming year, it is expected that the company will continue to improve its profits whilst increasing its market share in both the domestic and overseas market,” the financials stated.
However, CFF saw 32.5 per cent decline in its cash flow from a $50-million investment made by the company during the year. The company closed its year end with cash and cash equivalents of $54 million, down from the $80 million it made a year earlier.
After raising $50.6 million from an initial public offering in 2013, CFF indicated it would build a chill room that will stock juices and install redundancies for equipment to reduce downtime and maintain product quality.
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