Despite increasing its revenue on all business operations, BICO’s success was dented by rising energy costs.
This was outlined by Edwin Thirlwell, executive chairman of the local ice cream manufacturer and cold storage company. The unaudited summary of the company’s financials has reported gross trading revenue of $7.70 million for the financial year ending March 31, 2022.
The gross revenues represented a 22 per cent increase on the $6.31 million achieved for the corresponding period in 2021. According to the figures published recently by the publicly-listed company, the operating income was $310,560, a 35 per cent increase on the $229, 323 registered the previous financial year.
According to the figures, BICO made a small net profit of $4 872. This was a turnaround from the previous year’s position, when the 121-year-old company reported a $68, 727 net comprehensive loss.
Thirlwell told shareholders: “The company recorded increased gross revenues across its various business operations. However, this gross revenue growth was offset by rising energy costs which dampened overall performance.
“Gross trading revenues increased by 22 per cent and operating income increased by 35 per cent in the period under review.”
The BICO executive chairman disclosed that there was steady growth being experienced in ice cream sales, cold storage revenues and the distribution of hospitality sector supplies. In addition, Thirlwell said the company expected that growth in exports would continue.
He added: “The company will continue to address the challenges of rising energy costs and future prospects remain cautiously optimistic although overseas supply chain disruptions are likely.”
Last year, BICO announced it would soon be in the Guyana market and had dispatched its first shipment to the Caribbean Community (CARICOM) member.
Sales and Business Development Manager Dwayne Holmes expressed optimism about the Guyana market, noting growing demand for the products in nearby territories had seen BICO Limited working diligently to pursue markets in Trinidad, Antigua, and several South American countries.
(IMC1)
