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Wisynco maintains record performance for Q3

Published:Friday | May 12, 2023 | 12:54 AM
William Mahfood, chairman of Wisynco Group Limited.
William Mahfood, chairman of Wisynco Group Limited.

Beverage manufacturing and distribution company, Wisynco Group Limited, has for the second consecutive quarter maintained earnings of $1.2 billion on record sales of $12 billion. The third-quarter performance, which covered the period January to...

Beverage manufacturing and distribution company, Wisynco Group Limited, has for the second consecutive quarter maintained earnings of $1.2 billion on record sales of $12 billion.

The third-quarter performance, which covered the period January to March 2023, was aided by the resolution of production challenges Wisynco faced a quarter earlier, which allowed for increased output to meet growing demand for the company’s locally made beverages.

The company previously said it was experiencing plant downtime from higher energy costs, along with supply chain issues which affected key raw materials.

Wisynco blamed the production challenges during the December quarter – one of its biggest sales period – for lower-than-budgeted production levels and suboptimum mix of products manufactured, resulting in cost of sales being higher than planned.

Still, the company managed to hit record sales of $12 billion for the December quarter and has repeated the performance for the third quarter.

Sales for the January-March period jumped 23 per cent over the corresponding quarter in 2022 to $12 billion; meanwhile, earnings at $1.2 billion was 38.6 per cent greater than the $831 million achieved a year earlier.

Chairman of Wisynco William Mahfood said in the preamble to the company’s third-quarter results that shareholders can expect greater stability in the numbers going forward from the expansion of its production capacity through a $5-billion project.

The capital expansion activities are now under way, the benefits of which, Mahfood says, should be realised midway through fiscal year 2024.

The capex project includes, but is not limited to, investments in new software and processes to improve Wisynco’s warehouse and inventory management. Its WATA brand of plain and flavoured waters will be outfitted with new packaging; in addition to the installation of two new beverage lines which, the company says, will boost production by at least 35 per cent.

“We are excited and optimistic to be embarking on the largest capital expansion ever undertaken by Wisynco. The flexibility and increased output resulting from this expansion programme will ensure we meet the current demands of local and export markets, and pave the way for additional capacity for growth and future innovations in our varied product lines,” he said.

The company, which maintains its place among the top five companies to make and distribute beverages and snacks, says demand in all channels continues to be favourable.

karena.bennett@gleanerjm.com