JAMAICA: Honey Bun sets new sales record above $1b for first time
 Inicio > Internacionales | Publicado el Viernes, 02 de Diciembre del 2016
JAMAICA: Honey Bun sets new sales record above $1b for first time

JAMAICA: Honey Bun sets new sales record above $1b for first time

Jamaica Gleaner / Honey Bun sets new sales record above $1b for first time

Steven Jackson

Senior Business Reporter

Bakery outfit Honey Bun Limited made $140 million in net profit for its full year ended September, which doubled the results from last year amid a spike in core revenues.

The rise in profit also comes as the company achieved a milestone, surpassing a billion dollars in annual sales for the first time.

Revenues overclimbed 34 per cent to $1.2 billion, while expenses, at $385 million, grew at a lesser pace.

"The rise in revenue is a combination of elements, including cost-cutting measures, reinvesting in our business infrastructure, and strategic sales and marketing actions," said chairman, Herbert Chong. "As a growing company, we maintain a positive attitude. We make continuous improvements for sustainability as we move towards our vision of becoming Jamaica's leading provider of high-quality baked and snack products globally," he told the Financial Gleaner .

During the financial year, Honey Bun reduced its long-term loans and bank overdrafts from $51 million to $15 million, putting the company - which was founded and is operated by the Chong family - on a path to being debt free. Its gearing ratio dropped from 12 to 3.1 per cent over the period, due in part to the 28 per cent expansion of its equity base to $471 million.

"During 2016, the company's strategy, which was unchanged from 2015, was to maintain the gearing ratio below 25 per cent," said auditors McKenley & Associates in the financial report released this week.

During the financial year, investors in the listed bakery company benefited from a tripling of the stock price, which traded at $5.83 on Thursday.

In November, Herbert Chong revealed that last year, the company embarked on a circuitous probe, involving the police's organised crime unit and other agencies into an imported product similar to its popular pastry Goldie, a cream-filled cake. The bakery is claiming infringement of its intellectual property rights from a rival product called Today Goldies, imported from Turkey, at a time when it is pumping capital into its operations, and is anxious to safeguard its market share.

They have not been able to pinpoint the local distributor, and on Wednesday, Honey Bun management indicated that there were no new developments in the probe.

Honey Bun plans to spend nearly $100 million on a 10,000-square-foot warehouse and underground water tank aimed at increasing its storage by 25 per cent. The bakery will finance the upgrade with a mixture of cash from operations and debt it held 72 million in cash and equivalents for the full year. Some $74 million of the capex will go towards developing the warehouse and $20 million for the water tank.

[email protected]

JAMAICA: Honey Bun sets new sales record above $1b for first time

Con Información de Jamaica Gleaner

http://entornointeligente.com/articulo/9335883/JAMAICA-Honey-Bun-sets-new-sales-record-above-$1b-for-first-time/

Síguenos en Twitter @entornoi

Para mas información visite: Mundinews.com


Regístrate aquí y forma parte del selecto grupo de lectores de EntornoInteligente
http://www.entornointeligente.com







Otras noticias de interés
Destacadas

Francisco Javier Velasquez VENEZUELA: Maduro nacionalizará a 10.000 colombianos
Francisco Velasquez Vinotinto Femenino con goleada histórica contra Bolivia en Copa América
Escuela Juana Sujo presenta "La Soberbia Milagrosa"  en la Sala Cabrujas de Los Palos Grandes
Victor Gill Ramirez <span style='display:none'>Porfiria Roberto Pocaterra Venezuela Rodgers//</span>
 Luis Szarán en el Foro Mundial Skoll de Emprendedurismo Social
Mejore la productividad de sus colaboradores con la movilidad laboral
Detallistas estaciones TOTAL  son reconocidos y premiados por sus logros
Francisco Velasquez <span style='display:none'>Roberto Pocaterra Venezuela Trevino//</span>
 Este viernes 13 habrá feria de empleo en Luque
Tomas Gonzalez Lacava reapareció en redes sociales luego de semanas de misterioso silencio
Tomas Gonzalez TSJ desde Bogotá dictó orden de captura contra Nicolás Maduro a Interpol
Fundación Yammine entregó donativos a 4 escuelas de fútbol
Elías Matta: Hay que abrir la industria petrolera al sector privado
Francisco Javier Velasquez #VidaFit 7 alimentos que te ayudarán a perder grasa abdominal

Mundo Oriental / Jesús Rincón EL TIGRE. Romel Roque, jefe del Distrito Sanitario Nº 5, informó que el pasado fin de semana, el hampa incursionó en las oficinas pertenecientes a ese...


Union Radio / WASHINGTON.- El vicepresidente estadounidense, Mike Pence, aseguró hoy que en su participación en la Cumbre de las Américas de Perú trabajará “estrechamente con los aliados de Latinoamérica para...


Union Radio / LA HAYA.- La Organización para la Prohibición de Armas Químicas (OPAQ) informó que ha pedido a Siria que “haga los arreglos necesarios” para el despliegue de un equipo...


Union Radio / CARACAS.- El presidente de la Casa Arturo Uslar Pietri, Antonio Ecarri , afirmó que está de acuerdo con la dolarización del país para comenzar a desmontar el sistema...

ATENCION: TODOS LOS CONTENIDOS PUBLICADOS EN ESTE SITE SON PROPIEDAD DE SUS RESPECTIVOS DUENOS, ENTORNOINTELIGENTE NO SE HACE RESPONSABLE POR LOS CONTENIDOS DE TERCEROS. CADA NOTICIA ESTA ASOCIADA AL MEDIO DE ORIGEN.
LOS AVISOS DE GOOGLE SON PROPIEDAD DE GOOGLE Y EN NINGUN MOMENTO GUARDAN RELACION CON LA LINEA EDITORIAL DEL PORTAL ENTORNOINTELIGENTE.COM