JFP sales plunge three-quarters
Published:Wednesday | December 11, 2024 | 12:06 AM
JFP Limited, a provider of commercial furniture, has reported a three-quarter dip in sales in the September 2024 quarter, but the management remains upbeat on future plans to streamline revenue.
Sales declined because of delays in the completion of some projects.
“Some of the projects expected to finish was slow on their end. The anticipated date was not met,” JFP CEO Metry Seaga said in an interview with the Financial Gleaner.
Revenue declined to $33 million in the quarter, from $113 million a year earlier. Net loss for the period was $75.4 million, compared to a net profit of $8.5 million a year earlier.
“The company plans to streamline revenue to avoid heavy dips and rises in the future. That’s absolutely a strategy, but it’s a little premature to share publicly until we meet with the board,” Seaga said.
He expects to reveal those plans within the current quarter ending December.
The company has delivered projects for clients such as Courtyard by Marriott, Island Grill, Mother’s, Brew’d Awakening, and TGI Fridays, catering to the retail sector’s demand for both sleek minimalist and-or vibrant maximalist designs.
JFP’s year-to-date revenue is up by one-quarter from $262.7 million to $333 million. However, net losses over the same period, January-September, doubled to $66 million, compared to $30 million in losses a year earlier.
Seaga noted that the Jamaican economy remains stable, despite hiccups. The economy declined by 2.8 per cent in the September quarter, mainly because of the fallout from the passage of Hurricane Beryl in July.
“I am very bullish on Jamaica; there is a great opportunity here,” said Seaga. “We will continue to push on collaborative ventures locally and overseas, and intend to grow in Jamaica,” he said.