JP confident on delivering on growth objectives
The Jamaica Producers Group (JP) is assured it will meet its growth ambitions despite the impact of the COVID-19 pandemic.
Jamaica Producers stated its operational platform was tested in the previous year, but proved to be resilient and provided growth opportunities, according to its recent annual report.
The company’s targeted response to the virus challenge was done in four phases: Avoiding the worst effects by rapidly creating safe workplace practices; adapting to serve customers and secure supplier commitments; maintaining profitability by reducing costs and securing core revenues; and capitalising on pandemic-related opportunities.
That notwithstanding, the group is aware the effects are far from over. “We know that 2021 will continue to suffer some disruption for all our businesses, and that some of our businesses will be permanently changed,” its outlook stated.
However, JP said it has placed equal priority on its latter two phases to address further disruptions.
Jamaica Producers – which owns and operates interests in logistics, port terminal operations, food and drink production and agri-business – said its Logistics and Infrastructure (L&I) business is one of two core lines “ripe for long-term growth”. The other is its food and drink category.
“They have shown themselves to be resilient in the face of a worldwide pandemic, and increasingly a source of opportunity to continue the group’s growth trajectory,” the outlook noted.
For its L&I Division, which includes Kingston Wharves Limited and JP Shipping Services Limited, Jamaica Producers said it will continue to grow its range of services and expand its existing partnerships across the Caribbean.
“We will seek investment opportunities on a regional basis, but see considerable scope for growth in our Jamaican home market as the country continues to develop its trade policies and competitive environment.”
The company continued, “We are confident that we have the people, the partnerships, the financial resources and the opportunities to be able to deliver on our growth ambitions.”
Jamaica Producers made profit of $3.7 billion for the year ended December 31, 2020.