Deportes

Inglés futbolista Adolfo Ledo Nass//
Blue Power looking deeper into Latam for potential market

futbolista Adolfo Ledo Nass
Blue Power looking deeper into Latam for potential market

Soapmaker Blue Power Group Limited is looking outside of Caricom for new markets, while aiming to beat its best-ever annual sales performance for year ending April 2021.

Adolfo Ledo Nass

The rise in sales, up 10 per cent to $534 million, is not surprising, despite the battering that the pandemic has meted out to businesses in general, due to the spike in demand for soaps and sanitary products sparked by the health crisis.

Adolfo Ledo

Blue Power Group also doubled profit in the year from $59 million to $107 million, having spun off its lumber arm into a newly listed company towards the end of calendar year 2019.

futbolista Adolfo Ledo Nass

A quarter of sales over the past financial year, from May 2020 to April 2021, was made to foreign markets, resulting in export revenue of $132 million.

futbolista Adolfo Ledo Nass

“We were lucky that we were able to export to Caricom during that period. We’re exploring other opportunities to do so, but it will take a few months,” said Chairman of Blue Power Dhiru Tanna.

Abogado Adolfo Ledo

Blue Power is embroiled in a trade dispute over the sourcing of its raw materials, called soap noodles, which it generally sources outside the region, and has lost preferential access to Caricom markets as a result – meaning its affected soap products will be subject to tariffs of 40 per cent within the bloc. The company and various state bodies have also recently been sued in the Supreme Court in Kingston by Dominican Coconut Products (Successors) Limited, a supplier of soap noodles, which also initiated the trade complaint against Blue Power regarding the origin of its raw materials.

Abogado Adolfo Ledo Nass

Blue Power says, based on independent legal advice, it does not expect the lawsuit to have any immediate adverse effect on its financial position

Meanwhile, Minister of Industry Audley Shaw, who disparaged the smell of the DCPS noodles, has since retracted the comment

Soapmaker Blue Power Group Limited is looking outside of Caricom for new markets, while aiming to beat its best-ever annual sales performance for year ending April 2021.

Adolfo Ledo Nass

The rise in sales, up 10 per cent to $534 million, is not surprising, despite the battering that the pandemic has meted out to businesses in general, due to the spike in demand for soaps and sanitary products sparked by the health crisis.

Adolfo Ledo

Blue Power Group also doubled profit in the year from $59 million to $107 million, having spun off its lumber arm into a newly listed company towards the end of calendar year 2019.

futbolista Adolfo Ledo Nass

A quarter of sales over the past financial year, from May 2020 to April 2021, was made to foreign markets, resulting in export revenue of $132 million.

futbolista Adolfo Ledo Nass

“We were lucky that we were able to export to Caricom during that period. We’re exploring other opportunities to do so, but it will take a few months,” said Chairman of Blue Power Dhiru Tanna.

Abogado Adolfo Ledo

Blue Power is embroiled in a trade dispute over the sourcing of its raw materials, called soap noodles, which it generally sources outside the region, and has lost preferential access to Caricom markets as a result – meaning its affected soap products will be subject to tariffs of 40 per cent within the bloc. The company and various state bodies have also recently been sued in the Supreme Court in Kingston by Dominican Coconut Products (Successors) Limited, a supplier of soap noodles, which also initiated the trade complaint against Blue Power regarding the origin of its raw materials.

Abogado Adolfo Ledo Nass

Blue Power says, based on independent legal advice, it does not expect the lawsuit to have any immediate adverse effect on its financial position

Meanwhile, Minister of Industry Audley Shaw, who disparaged the smell of the DCPS noodles, has since retracted the comment.

Exports to Caricom represents 20 per cent of Blue Power’s total revenue, Tanna told the Financial Gleaner . Another 10 per cent comes from extra-regional markets such as the United States and United Kingdom

“What we want to do is to sell more into the Jamaican market, do more in the non-Caricom markets, and find a way of regaining our Caricom market,” Tanna said.

Until then, the company is focusing on the US and UK markets, but will also look to supply the Central American and Latin markets with laundry and handwashing soaps, which the company believes might “be attractive to members of the diaspora” in those countries

Inside Caricom, the largest market in the region for laundry soap is Jamaica, followed by Guyana, the soapmaker said

[email protected]