Richard Pandohie, CEO of Seprod Ltd, said the company is now reaping the results of higher investments in innovation.
The company doubled exports in 2016 and reflected a $2 billion or 15 per cent rise in revenue to $15.7 billion at year end, compared to $13.7 billion in December 2015.
Profit jumped 51 per cent to $875 million.
Pandohie told the Jamaica Observer, “This has been an exciting period for the organisation as we truly have turned on the innovation pipeline, primarily in the dairy business. Products such as lactose-free milk, heavy cream, condensed and evaporated milk are all brand new to the portfolio.”
He said that in 2017, innovations will continue and more will be seen in the other business units. “Despite spending over $1.2B in capex over the last two years, we will continue to maintain an aggressive spend in capital expenditure to support our innovation pipeline, agricultural investments, and productivity improvement.
“Capital expenditure was actually $708 million in 2016 and we expect the spend for 2017 to be approximately $700 million. We strive to obtain a return on equity of at least 15 per cent,” the CEO said.
Published in the Jamaica Observer
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