Expanded range drives SOS sales higher
Opi reports that Jamaica-based Stationery and Office Supplies (SOS) achieves double-digit sales growth in Q2.
In its maiden results filing since listing on the Jamaica Stock Exchange last month, the company revealed sales of J$211.6 million (US$1.6 million) for the three months ended 30 June, up 24% compared to sales of J$171 million last year. Meanwhile, pre-tax profit came in at J$20.3 million, compared to J$8.3 million last year. It attributed this growth to an increased inventory, having expanded by 25% since last year.
SOS Deputy Managing Director Allan McDaniel told the Jamaica Gleaner that the increased range of products meant customers had a wider choice, which translated to organic sales.
McDaniel said the company was continuing to see new business from individuals setting up offices, and the growth in business processing outsourcing operations, in line with the state of the Jamaican economy.
For H1, SOS chalked J$50.4 million profit on sales of J$431.8 million compared with J$37.8 million on sales of J$353.5 million last year. SOS also announced that it is to expand its warehouse capacity by more than 50% after purchasing land adjacent to its headquarters in Kingston. The facility will add up to 20,000 sq ft (2,000 sq m) of storage space to its existing 35,000 sq ft facility. The new warehouse is expected to be commission in October.
Speaking to the Jamaica Gleaner, McDaniel added: “The outlook for the third quarter is looking promising.”