Business

Everything Fresh promises continued growth as Q2 profit doubles

Tuesday, August 21, 2018

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Food importer and distributor Everything Fresh Limited more than doubled earnings for its second quarter ending June 30, with profit of $26.5 million over the corresponding quarter in 2017.

The company, which successfully completed an initial public offering in May, posted revenue of $494.27 million for the quarter, representing a 9.6 per cent increase over $450.65 million in the comparative period 2017.

For the first half of the year, revenues of Everything Fresh grew to $969-million or 5.9 per cent higher than $914.99-million in 2017, while earnings per share totalled $0.24 in comparison to $0.13 in 2017.

Managing director and founder of Everything Fresh, Courtney Pullen reckons that the company will continue on its growth trajectory, led by measures implemented to improve revenue and ultimately the company's bottom line.

“These measures include new technology, more energy-efficient equipment such as installing Smartcool energy Savers and increasing the company's refrigerated storage capacity — a major reason for the company's listing,” he said in a press release from the company.

“We are confident in the performance of our shares,” said Pullen. “As we grow profits through the expansion of our capacity, we expect to see a continued increase in revenue and believe our shareholders will be happy with their returns.”

Everything Fresh increased trading which improved its financial position, in addition to funds from the initial public offering. Total assets of the company as at June 2018 grew 77 per cent to $821.74 million, over $464.45 million in the comparative period in 2017. Property, plant and equipment moved to $36 million from $31 million over the review period, as the company increased its fleet of vehicles in line with operational efficiency measures, while shareholders' equity of $650.8 million increased from $225.17 million in 2017.

Incorporated in Jamaica, Everything Fresh operates from its registered office on Marcus Garvey Drive in Kingston. The company was established by Pullen, his wife Melene Rose Pullen and Wen Juan Yu in 2003. The food importer and distributor currently operates out of warehouse space that consists of a collective 10 freezers/chillers, with flexibility to convert key rooms into added cold storage as required.

From its IPO, Everything Fresh raised $390 million from the issue of 156 million shares at $2.50 each. The funds raised will be used to provide working capital support, increase its inventory, and widen its customer base.

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