CPJ pays US$750,000 for Coke bottling plant in St. Lucia
JAMAICA OBSERVER - Caribbean Producers of Jamaica (CPJ) paid approximately US$750,000 (JMD$84 million) for its stake in a Coca-Cola bottling company in St. Lucia earlier this year.
The regional food distributor plans to capitalise on the acquisition of Du Boulay’s Bottling to roll out its full service distribution in Castries by the end of the month
The new entity, CPJ St. Lucia, will initially target the growing hospitality sector, before widening its scope to the food manufacturing business in the Eastern Caribbean island.
CPJ’s earnings rose by 8.6 per cent from year-earlier levels to US$3.5 million for its year ending June 30.
Growth in sales outpaced the rise in costs, resulting in gross profit increasing by 14.6 per cent to US$22.8 million.
A big jump in foreign exchange gains, from US$20,000 to over US$260,000 also helped boost income for the company.
CPJ also saw its tax charge fall from US$106,000 to US$7,000.
In June, CPJ inked a deal with Jamaica Beverages Limited (JBL) to distribute Chubby, Juciful, Fruta, Busta and Cool Runnings water on the northern end of the island.
The company is optimistic that these brands, along with a relevant mix of products, will bring strong consumer loyalty.