Despite facing some challenges associated with the COVID-19 pandemic, manufacturing and distribution company Wisynco recorded its highest revenue for a single quarter.

The company made $12.1 billion in revenue for the six months that ended December 31, 2022. 

Speaking on Taking Stock with Kalilah Reynolds, Senior Research Analyst at JN Group, Fay Samuels noted that this was a 28% increase compared to the same period in the previous financial year.

Samuels also noted that Wisynco is on track to surpass its financial year 2022 revenue performance. The company made $39 billion in revenue for the 2022 FY. 

“Despite production challenges that kept the company from achieving its forecast sales targets for both the local and export markets, the strong demand for Wisynco’s products, however, still allowed them to report growth for the first six-month months of the financial year 2023,” she said.

The company reported a 29% increase in revenues to $24 billion, up from $18 billion the previous financial year. 

Net profits for the period amounted to $2.5 billion, an 18% increase over the previous year. 

The Research Analyst said the company’s strong performance was driven by the continued reopening of Jamaica’s economy and growing demands in its export markets.

“Wisynco is also focused on foods which are considered non-cyclical goods, which bodes well for the company even in the event of an economic downturn because people will always buy food,” Samuels noted.

The company said it has ramped up its expansion plans with new equipment expected to arrive later this year as well as new buildings which are under construction that will help boost its capacity. Wisynco also noted that it plans to introduce new brands and innovations once the expansion is completed. 

“This represents a major growth driver for our company and will be the largest capital expansion undertaken by Wisynco,” the company said in its financial report.

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