Caribbean Flavours & Fragrances Limited, CFF, wants to triple its earnings from outside Jamaica by 2022 and will be rolling out a line of flavours made from locally grown agricultural crops to hit the target.
Less than 10 per cent of CFF’s $462 million of annual revenue in 2019 came from international business. But the company has since invested over $15 million to beef up its laboratory and personnel, and conduct research and development, R&D, in an attempt to get overseas sales up to 30 per cent.
“In order to get the majority of those products to market, we are looking at a minimum of $30 million to $40 million. We have some products, so now we are looking at cost of production, production capacity, identifying partners and ensuring that our supply chain is good,” Chairman Howard Mitchell told the Financial Gleaner following CFF’s annual general meeting, AGM, on Wednesday.
As expected, CFF shareholders gave their approval for an increase in the company’s share capital from 91.452 million to 2.6 billion units at the AGM, paving the way for the company to execute a 10-for-one stock split.