The Seprod Group is reporting that a one-off investment gain of $360-million recorded in 2016, caused them to record a 19 percent or $165-million reduction in net profits for 2017 to $710-million.
Chief Executive Officer Richard Pandohie in his interim report for the year ended December 2017, indicated that taking this one-off gain into account, on a normalized basis the net profit for 2017 increased by $195-million or 38-percent over 2016.
Among the challenges faced by the Group during the year include their inability to stem the losses in the sugar operations.
Notwithstanding signs of a turnaround, these were all wiped out by the challenging weather conditions.
The inability to even reach break-even in this operation is according to Pandohie a huge source of frustration, requiring added intervention to avoid further erosion of shareholder value.
There were, however, some major achievements including the commissioning of the Grains Mill in December.
This Pandohie says signals their entry into the regional flow market, positioning the Group as the only corn milling facility in the region, with the capacity to compete with the extra-regional importation of corn-based products for snack manufacturers.