CEO of Jamaica Teas, John Mahfood is budgeting for higher revenues and profits for 2017 following a successful 2016 Financial Year.
In 2016, Jamaica Teas delivered net profitable growth of 64-percent, amounting to $118-million, compared to $72-million in the prior year.
According to Mr. Mahfood, this growth is consistent with the increased profit in 2015 over 2014, placing the results as the best in the group’s history.
He says in comparison to 2016, results for the first quarter of the current financial year show operating revenues rising by 9-percent, with profits before revenue taxation rising to nearly $60-million.
He says the company forecast this year is for the development project in St Thomas to generate positive cash flow.
Mr. Mahfood says he also forecasts for the supermarket business to continue to show improved performance and for there to be a continuation of the growth in both export and domestic sales.