Jamaica Producers Group (JP) recorded a strong performance for the 39-week period ended October 2, 2021, with year-to-date revenues increased by 21 per cent relative to the prior year and surpassing the 2019 revenues by 17 per cent.

For the 13-week third quarter ended October 2, 2021, the Group increased revenues by 24 per cent relative to the third quarter of 2020 and by 26 per cent relative to the 2019 third quarter.

The revenue performance of the JP Group in 2020 was adversely impacted by the disruption to business activity due to the COVID-19 pandemic. Several markets continued to experience limitations or “lockdowns” on some economic activity during 2021, particularly during the 2021 third quarter.

“The revenue growth experienced across the Group demonstrates the quality of the product and service lines and the resilience of the food and beverage conglomerate’s diverse portfolio of interests,” JP Group CEO Jeffrey Hall said.

“We delivered strong and positive results, but, importantly, our team members also rallied to keep our workplace safe and resilient. Our global workforce is over 80 per cent vaccinated, and our commitment to doing our part to contain the pandemic is serious, robust and demonstrable.”

He continued: “JP is determined to come out of the pandemic stronger than it went into it. As is well documented in our 2020 Annual Report, this was always our plan. The strong third quarter results demonstrate that our plan is achievable.”

Hall added: “JP is pursuing an acquisition strategy that will give the Group a series of bold new platforms for growth. We are doing this with new partners – in both the Caribbean and Europe – who bring excellent complementary strengths.  We are carving out important new opportunities for JP in the Dominican Republic and Spain with significant untapped potential for business development.”  

The recent moves in the Global expansion plan of JP Group’s investment portfolio includes: the joint venture acquisition of UK-based Geest Line Limited, a company with a rich history of delivering excellent service to its customers on both sides of the Atlantic, in the 2021 second quarter.

In the 2021 third quarter, JP announced a joint venture interest in Co Beverage Lab, S.L. (CBL), a producer of fresh juice, based in Barcelona, Spain. The fresh juice manufacturer will provide JP with opportunities to utilise market leading expertise in the manufacturing of fresh fruit and vegetable juice, in a major new market with significant growth potential.

Subsequent to the end of the third quarter, the company acquired a 50 per cent interest in Grupo Alaska, S.A.; an ice and bottled water business – based in the Dominican Republic – operating at the heart of the largest and fastest growing consumer market in the Caribbean. JP is confident that this market presents a major prospect for long-term
regional growth in consumer goods and services.