Wisynco earnings up, opening Trelawny hub early next year | Loop Jamaica

The content originally appeared on: Jamaica News

Food and beverage company Wisynco Group Limited achieved revenues of $9.2 billion for the July to September 2021 quarter – its highest-ever revenues for three months.

In its interim report to stockholders published on the Jamaica Stock Exchange’s website, Wisynco’s unaudited financial results showed an increase of 14.1 per cent over the $8.1 billion recorded in the corresponding quarter of 2020.

Meanwhile, Wisynco chairman William Mahfood confirmed that the company’s North West Distribution Centre in Hague in Trelawny is to commence operations in early 2022.

“In the short term (the distribution centre) is really going to improve efficiency and service levels in the north and west of the island”, Mahfood told Loop News. “We will better service the large hotels and a wide cross-section of customers and better the turnaround time for them”.

Mahfood said Wisynco is investing some $10 million in the project. The total cost will cover road work, fencing, capital equipment and trucks. He said up to 15 new team members would be needed at its startup.

Concerning its improved earnings, Wisynco said foodservice sales continue to show recovery due to the uptick in the vibrant tourism industry as well as consumers returning to restaurants.

Wisynco imports top brands of food, beverages, and paper products and produces the drink brands Bigga, WATA, CranWATA, and BOOM.

“Profit before taxation for the quarter was $1.3 billion, which is $255 million or 24.8 per cent higher than the $1.0 billion of the comparative quarter of the prior year”, the report said.