WIBISCO revenues continue to grow

Even as the company responded to setbacks caused by supply chain and pandemic disruptions, the West India Biscuit Company (WIBISCO) continues to grow its bottom line.

Chloe Bermudez, the new chairperson of the century-old Barbados based but Trinidad-controlled biscuit company, said it generated some $31.01 million in revenue for the half-year ended February 28.

In its unaudited condensed financial statements and chairman’s report, WIBISCO reported operating expenditure of $26.64 million for the period, which was an increase on the $25.54 million for the corresponding period in the previous year.

Bermudez said the company’s revenue generation was up 5.1 per cent or $1.5 million, though local revenue fell by three per cent or $661,000.

The company chair, however, pointed to an improving export position with revenues from this segment up 27.9 per cent or $2.2 million.

According to Bermudez, whose family established the Bermudez Biscuit company in Trinidad, told shareholders: “Overall, this was a commendable performance in light of the impact of the ongoing pandemic on the operations of the company and on the economies of Barbados and our export territories.

“Gross margins have been negatively impacted by significant increases in input costs and various supply chain challenges. As such, the management has continued to implement cost control measures across the organisation and have successfully reduced the operating expenses by 4.5 per cent over the prior year.”

At the same time, she noted that the after-tax profit for the period $4.2 million, represented a 10.9 per cent increase on the prior year.  Bermudez added: “Over the past few months, we have seen some signs of economic recovery in both the local and export territories.

Our brands remain strong, and we will continue to focus on growing our volumes in the domestic and export markets, as well as cost optimisation throughout the organisation to mitigate against rising input costs and the continued effects of the pandemic. Our employees have clearly demonstrated their resilience and fortitude during the pandemic.”

The chairman, who took over from retired Barbadian David Bynoe, who demitted office after more than a decade in the chairmanship position, added: “We have not experienced any significant disruptions to our operations and have successfully maintained supply to our customers and consumers .  .  .

As we look towards the second half of this year, we anticipate that the business will continue to be faced with rising input costs and supply chain disruptions.

“I am confident that our employees will confront these challenges with creativity and determination, and thereby overcome the obstacles ahead.” (IMC1)