Sales up but cash dips as CPJ reinvests in plant

Caribbean Producers Jamaica Limited, CPJ, reported sales of US$42.4 million for June quarter, up 11 per cent, but net profit dipped, reflecting elevated operating costs.

The company attributed the revenue growth to “stronger sales in the large resorts segment and key areas of the fast-food service channel”, as well as the “highly successful launch of Str8 Vybz” and a 150 per cent expansion in its spirits portfolio through its partnership with Angostura Holdings. Str8 Vybz is a new rum launched by entertainer Vybz Kartel, whose real name is Adidja Palmer.

At CPJ, a food trader, distributor and wine purveyor, higher selling and administrative expenses, driven by “increased staffing and higher overtime costs” to support ongoing projects, contributed to the slight dip in profit to $1.5 million from $1.6 million a year earlier.

Cash holdings fell to US$3.4 million from US$9.9 million a year earlier, due to outflows from operations and continued investment in a US$3.7-million manufacturing plant upgrade, which CPJ says is scheduled for full commissioning in the third quarter ending September 2025.

CPJ is a Jamaican company founded by Mark Hart and Thomas Tyler in 1994. It was recently acquired by A.S. Brydens Group of Trinidad & Tobago, which in turn is majority-owned by Seprod Limited, another Jamaican company. All three operate in various regional markets. With the acquisition, CPJ’s terminal accounting period was adjusted from June to December.

Its total assets rose to US$105.7 million in the June quarter, while its capital improved by 16.7 per cent to US$44.4 million.

CPJ’s outlook remains optimistic.

“CPJ is well-positioned for strong operational and financial performance in the remainder of 2025 and beyond.” The priorities include completing manufacturing upgrades, and scaling logistics through partnerships with A.S. Brydens and Seprod Group.

steven.jackson@gleanerjm.com