Derrimon Trading Reporting A Raft of Accomplishments, Revenue & Profit Jump For The Quarter

May 15, 2021

Derrimon Trading is reporting a raft of accomplishments, along with Revenue and Profit Jump for the quarter

For Jan to Mar 2021, the company achieved

  • Revenue of $4.01 billion, an increase of $685.56 million or 20.62%
  • Gross Profit of $751.73 million, an increase of $139.03 million or 22.69%
  • Profit before tax of $176.50 million, an increase of $63.84 million or 56.66%
  • Consolidated Earnings Per Stock unit of $0.034 which was flat despite the dilution of the share capital base

They’re also reporting a few notable transactions and achievements in the quarter including:

  • Completion of the purchase of FoodSavers New York ( New York)
  • Completion of the purchase of Good Food For Less (New York)
  • Liquidation of J$1.92 billion in short and long term debt
  • J$1.12 billion invested in both US Dollar and Jamaican Dollar instruments
  • Commencement of work on the building out of a new supermarket
  • Acceleration of the implementation of our new group technology platform.

They’ve used the APO proceeds to pay down debt and so

  • Finance costs for this quarter was reduced by $26.06
    million (52.87%) below the $49.30 million reported for the comparative reporting quarter.

Net profit for the quarter was $97.28 million

  • a $43.76 million or 81.77% increase over the $53.52 million reported for similar period last year
  • includes taxation cost at maximum for 55 days given that we await the response on our approval request from the TAAJ

Well done

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