1 month ago
14
The annual sales of the largest Jamaican rum producer, J. Wray & Nephew Limited (JWN) declined slightly.
JWN’s sales fell to US$148 million, reflecting a nearly two per cent decrease from US$151 million in 2023. The portfolio includes popular brands such as Appleton, Wray & Nephew, Magnum, and Campari.
Through JWN, Campari holds the largest share of the fast-growing rum market.
“In Jamaica, the fourth quarter saw a return to growth after the impact of the hurricane on production and also local consumption, which occurred in the second quarter and third quarter,” said Simon Hunt, CEO of Campari Group, during an earnings call last week. He noted that the company could have achieved mid-teen growth without these disruptions. By mid-year, sales of Jamaican rum brands had risen nine per cent year-over-year, but operations were affected by Hurricane Beryl.
Globally, Jamaican rums accounted for five per cent of Campari Group’s total sales. The group, one of the largest spirits companies worldwide, reported a full-year profit of €192 million on €3.07 billion in sales. However, profits dipped 42 per cent due to one-off costs. Hunt projects flat organic earnings margins partly because of the 25 per cent US tariffs imposed on Canada and Mexico. Campari estimates the measures to impact the Americas by €50 million and up to €100 million for the group when Europe is included before any mitigation measures.
Despite the uncertainties surrounding potential tariffs, Hunt expressed confidence in Campari’s ability to outperform the overall market and deliver growth.
English (US) ·