Written by Megan Defreitas on September 19, 2023

Seprod aiming for revenue exceeding US$650 million by end of 2023

Jamaica-headquartered regional conglomerate, Seprod Group, is looking to exceed revenues of US$650 million by the end of this year with a robust growth trajectory for future years.

This growth level is expected from the amalgamated entity, which in June 2022, saw Seprod’s metamorphosis to a regional player continued with the acquisition of the Brydens Group based in Trinidad and Tobago.

CEO Richard Pandohie is looking forward to a regional platform being created by the Seprod Group with its strategic ambitions being fully embedded.

“We will continue to make investments to execute synergistic projects to drive value creation and growth. We aim to reduce the complexity of doing business in the region and become the partner-of-choice for regional and global players,” Pandohie told shareholders in Seprod’s just-published 2022 annual report.

Praises levelled on company chairman
The Seprod CEO heaped praises on company chairman, P.B. Scott declaring, “without question, the transformation of Seprod is in a large part due to the drive of our chairman PB Scott, ably supported by the board of directors. It has been an amazing journey so far, and we still have a way to go. I am thankful to be working alongside PB and the talented people throughout the wider Musson Group.”

P.B Scott, Seprod Group chairman, speaking during the company’s annual general meeting held in Kingston on September 19, 2022. (Photo: Facebook @SeprodGroup)
Richard Pandohie, CEO of Seprod Limited, speaking during the company’s annual general meeting held in Kingston on September 19, 2022. (Photo: Facebook @SeprodGroup)

According to Pandohie, “we have great brands and great people, but for growth to continue at the pace that we desire, we will have to be attractive to a wider talent pool, particularly from Latin America and the rest of the Caribbean. We are committed to making our group one where all our people can participate in the growth, and have their lives positively impacted by their employment, such that they will be proud ambassadors for the group.”

He made the point that with the acquisition of the Brydens Group, which has built an enviable record of accomplishments for nearly 100 years, the union with Seprod has “created a regional platform that will enable sustainable value creation for our principals, shareholders, and the people of CARICOM.”

Financial results
Seprod ended its 2022 financial year with a profit before tax of J$4.24 billion and a net profit attributable to shareholders of J$2.14 billion. Revenues closed on J$78.43 billion, up from J$43.88 billion in 2021, representing a year-over-year increase of J$34.55 billion.
Source: Our Today

September 10, 2023

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