JFP Ltd (formerly Jamaica Fibreglass Products Ltd) which recently listed on the Jamaica Stock Exchange (JSE) has announced its first confirmed order in the USA for furniture production and outfitting.
The company has been contracted by the Hyatt Place Newark Hotel in Newark, California. It’s a move which the company said falls in line with plans laid out in its recent prospectus prior to its successful initial public offering. The deal resulted from a trade show (HD Expo Las Vegas) attended in August 2021 with the assistance of Jampro through the Export Max 3 Programme and was signed on April 25 this year after months of negotiations.
Chief Executive Officer Metry Seaga and Stephen Sirgany, chief operating officer, said they are thrilled about the order, “The team set out in 2020 to intentionally realise our dream of serving companies within the USA; we knew that our excellence in workmanship and production here in Jamaica would add tremendous value and new buying opportunities for companies in the United States. This agreement is aligned with our vision detailed in our company’s strategy that shareholders and the public saw in our prospectus and we are proud to say this is indeed happening.”
Production for the furnishing of the Hyatt Place Newark Hotel began on May 3, 2022, and JFP will be responsible for fully outfitting the public spaces. JFP is unable to speak to the full value of the contract at this time given clauses within the agreement but Seaga assures that it is a significant opportunity for the company.
In May 2022, the company released its first-quarter results for 2022 which saw a 70 per cent increase in revenue from $64.7 million to $110.2 million compared to the year prior period and an improvement in the gross profit which increased by 168 per cent from $28.9 million to $77.3 million. The gross profit margin also increased from 45 per cent to 70 per cent relative to the prior period in 2021.
Stephen Sirgany, COO, JFP Ltd
