Strong sales for its new Golden Turmeric Latte product has resulted in a 46 per cent jump in revenues for coffee processing company Salada Foods Jamaica Limited during the third quarter of its current financial year, the period from April 1 to June 30, 2024.
“We are pleased to report that the successful introduction of our latest innovation, Golden Turmeric Latte, contributed significantly to our increased quarterly revenues. The product has performed well in the domestic market and also leads our portfolio in sales for Trinidad,” Salada’s General Manager Tamii Brown told the Jamaica Observer in response to queries about the company’s performance.
“During the quarter, we saw increased sales volumes, particularly for our flagship Jamaican Mountain Peak Instant Coffee line, as consumer demand continues to grow in that area. Working in close collaboration with our distribution partners, LASCO Distributors Limited, our marketing team during the quarter further streamlined our distribution process, allowing us to have greater reach and efficiency in making our products more accessible to consumers,” Brown added.
Launched in April of this year, the Golden Turmeric Latte, after much testing and consumer feedback, the company said, continues to benefit from positive market response with its success already reflecting on its debut impact on revenues. Infused with a blend of turmeric and plant-based creamer, the product emerges as another hot sell for coffee lovers, much of whom globally continues to crave for more innovative offerings.
At the end of the three-month period, revenues for the company totalled $405.5 million, up from $276.9 reported for the same period in the year prior. Positively influencing the bottom line, the company’s net profit also soared to $63.4 billion — 156 per cent more that earned at the end of June 2023.
Consolidated nine-month revenues, which climbed to $1.1 billion, also grew some 17 per cent more than that for last year’s period as profit increased 63 per cent to total $162.2 million.
The successful launch of the new turmeric latte product further supported by expanded sales in some Caribbean markets, where business has been heating up for the company, now boast a strong presence in not just Trinidad but also Barbados, Antigua and Barbuda, and St Lucia.
Currently witnessing steady growth in its export portfolio, the general manager further said that the company’s focus on regional expansion will continue to rank among top objectives over the next three years, even as it maintains a strong presence in the local market.
At present, Salada’s flavoured coffee line, which includes cinnameg, a blend of cinnamon and nutmeg flavours, coconut cappuccino and caramel, is also said to be “holding its own and doing particularly well on Amazon with strong support from the Caribbean Diaspora market.”
“This, too, is a relatively new line; therefore, we continue to focus on its distribution across several markets. Reports are that the coconut cappuccino flavour is a crowd favourite and leads sales across the line,” Brown said.
As the company continues to navigate continued challenges with the availability of raw material in the local market, access to authentic Jamaican coffee, it said, remains a pain point for its business as demand grows and supplies dwindle.
“We are, however, working hand in hand with our regulators, the Jamaica Agricultural Commodities Regulatory Authority (JACRA), the Ministry of Agriculture and the Jamaica Coffee Growers Association (JCGA) to explore and implement best practices to sustainably improve coffee yield for the benefit of all coffee industry stakeholders,” Brown noted.
