JFP secures first US order with multinational hotel chain | Loop Jamaica

The content originally appeared on: Jamaica News | Loop News

JFP Ltd (formally Jamaica Fibreglass Products Ltd), which was recently listed on the Jamaica Stock Exchange, has confirmed its order in the US for furniture production and outfitting.

The company has been contracted by the Hyatt Place Newark Hotel in Newark, California, a move that falls in line with plans laid out in JFP’s prospectus issued in February 2022 before its successful initial public offering.

The deal resulted from a trade show (HD Expo Las Vegas) attended in August 2021 with the assistance of JAMPRO through the Export Max III Programme and was signed on April 25 this year after months of negotiations.

JFP CEO Metry Seaga and Stephen Sirgany, chief operating officer, expressed sheer delight at receiving the order.

“The team set out in 2020 to intentionally realise our dream of serving companies within the USA; we knew that our excellence in workmanship and production here in Jamaica would add tremendous value and new buying opportunities for companies in the United States.”

Production for the furnishing of the Hyatt Place Newark Hotel began on May 3, 2022, and JFP will be responsible for fully outfitting the public spaces.

JFP said it cannot reveal the value of the contract at this time, given clauses within the agreement. Seaga, however, assured that it is a significant opportunity for the company.

In May 2022, the company released its first-quarter results for 2022, which saw a 70 per cent increase in revenue from $64.7 million to $110.2 million compared to the year prior period.

JFP also recorded an improvement in the gross profit, which increased by 168 per cent from $28.9 million to $77.3 million.

The gross profit margin also increased from 45 per cent to 70 per cent relative to the prior period in 2021.