CEO of Paramount Trading, Hugh Graham, says the company is focusing on growing the manufacturing and export arms of its business to help sustain its long-term growth.

Paramount Trading is one of Jamaica’s largest manufacturers and distributors of chemical raw materials. The company supplies a range of industries, including food and beverage, construction, hospitality, and mining. It also operates Stamina Trucking and Transportation Haulage, which helps maintain its distribution network. 

Speaking on Taking Stock with Kalilah Reynolds, Graham said that his company had to pivot during the COVID-19 pandemic as its distribution business took a hit.

“We’re growing the manufacturing part of the business, because COVID taught us that we need to have that manufacturing capacity here locally for when the other countries close their borders and stop shipping things like hand sanitizer that we need,” he said.

Record profits

The company recorded a 60% increase in revenues from $369 million for the first quarter of its last financial year to $595 million for its current financial year. 

It also recorded an impressive 343% increase in net profits from $18 million last year to $83 million this year.

The CEO said the increase was the culmination of steps they took during the height of the pandemic. 

“We hired a factory manager with a lot more experience and that contributed to a change in delivering better quality products and more products in a timely way,” he said.

Graham said that the company has also invested in a staff counsellor to help employees navigate their lives during this period of uncertainty.

“If people are not at their best, then they can’t be their best and can’t give their best,” he said.

“A lot of us struggled with the real life changes and it was evident that strengthening and supporting your team members would really help to make them better employees,” he added.

Looking abroad 

Graham said Paramount is also looking to expand its exporting business. He said that the company did a few one-off exports to Trinidad and Miami, but the team is working on building stronger connections to enable more frequent exports.

“We’re working with Jampro to develop that aspect. They also provide mentorship for companies like Paramount, because the export market is very nuanced. Every market has its own rules, so it’s not just a walk in the park,” he said.

WATCH THE INTERVIEW HERE