6 months ago
25
Honey Bun Limited plans to finalise the new warehouse this month, which will increase production capacity at the baking company by one and a half times the current levels.
“The expected completion date for the expansion is scheduled for February 2025,” said Chairman Herbert Chong in his message to shareholders published in the newly released annual report. “The increase in capacity, which is projected to be 150 per cent of the current capacity, will allow the company to not only better serve the unfulfilled demand of the local market but will also allow for international growth,” Chong said.
The new production facility, based at Angels, St Catherine, was announced last April. Honey Bun currently operates from Retirement Crescent in Kingston.
The new 60,000-square-foot plant will feature the latest baking technology and provide new employment opportunities for those in St Catherine. The existing production capacity at Honey Bun equates to some 24,000 square feet.
Moreover, as Honey Bun relocates some lines of production to the new facility, additional space will become available at their current Retirement Crescent location, allowing for the expansion of other production lines.
In other recent investments by the company last year, Honey Bun also acquired Swirls, an eatery specialising in on-the-go meals, and operates from the Transport Centre in Half Way Tree, Kingston. There are plans to open more locations, nationally, as well as expand Swirls to other Caribbean countries.
Financially, Honey Bun achieved a 13 per cent increase in annual revenue, reaching $3.84 billion at year ending September 2024, but profit remained flat at $230 million. The flat earnings were due to higher input costs and development costs for the Angels plant.
Exports grew 12 per cent, bolstered by Honey Bun’s growing presence in the Canadian market and the hiring of a new export manager.
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