Richard Pandohie Chief Executive Officer Seprod Limited (SEP) has released the following Unaudited Financial Statements for the year ended December 31, 2025 (expressed in Jamaican dollars unless otherwise indicated)
The Group delivered a strong close to the 2025 financial year, with a significant improvement in profitability during the fourth quarter despite continued cost pressures across the operating environment.
Revenue for the quarter increased by 1.0% to $40.6 billion, compared with $40.2 billion in the prior year. While top-line growth was modest, the quality of earnings improved materially as operational efficiencies and portfolio adjustments began to gain traction.
Gross profit for the quarter was $10.9 billion, compared to $11.9 billion in 2024, reflecting elevated direct input costs and mix effects within certain business lines. However, disciplined cost management and stronger other operating income of $2.3 billion (2024: $1.1 billion) contributed to a substantial improvement in overall performance.
Operating profit increased to $4.4 billion, more than doubling the prior year’s $1.9 billion.
Profit before taxation rose to $3.3 billion compared to $1.2 billion in 2024, while net profit attributable to stockholders of the company increased significantly to $2.4 billion versus $0.2 billion in the corresponding period last year. Earnings per stock unit for the quarter improved to $2.68 compared to $0.27 in 2024.
This performance reflects the continued benefits of portfolio optimization, disciplined cost management and improved operational execution as we deepen integration efforts and begin extracting meaningful synergies across our business units.
Year-to-Date Performance (January – December 2025)
For the twelve months ended 31 December 2025, the Group recorded revenue of $153.6 billion, representing a 15% increase over the $133.6 billion achieved in 2024. This growth reflects expanded distribution volumes, improved pricing execution and the continued integration of recent acquisitions.
The Distribution segment continues to represent the largest revenue contributor within the Group. Manufacturing operations delivered improved operating leverage during the year, benefiting from scale efficiencies, efficiency gains brought on by capital expenditure investments and portfolio optimization.
Export sales remained stable at $5.9 billion, consistent with the prior year, despite additional 10% tariff on our goods entering the key USA market.
Gross profit increased to $41.0 billion compared with $39.1 billion in the prior year. While higher direct input costs resulted in some margin compression, this was partially offset by disciplined pricing, portfolio optimization and operational efficiencies across the Group.
Other operating income increased significantly to $4.1 billion (2024: $2.1 billion), while operating expenses grew modestly in line with business expansion and prevailing inflationary pressures. December 2025
Operating profit improved to $12.1 billion, compared to $9.0 billion in 2024 – a 34% year-over-year increase, demonstrating stronger operating leverage and improved cost control.
Net profit attributable to shareholders of the company rose to $5.0 billion, compared to $2.6 billion in 2024. This performance reflects improved underlying business results as well as the consolidation impact arising from increased ownership in key subsidiaries.
During the year, Seprod Limited increased its ownership of A.S. Bryden & Sons Holdings Limited (ASBH) from 50% to 80%, and ASBH increased its shareholding in Caribbean Producers (Jamaica) Limited (CPJ) from 75% to 80%. These transactions deepen our regional footprint, strengthen strategic control and position the Group to accelerate synergy extraction, enhance supply chain integration and improve long-term profitability.
Basic earnings per stock unit increased to $6.07, up from $3.56 in the prior year.
Total comprehensive income for the year amounted to $5.8 billion, driven by improved core earnings performance and fair value gains on investment properties. Balance Sheet Strength and Capital Structure The Group’s balance sheet remains strong and well capitalized, supporting continued investment in manufacturing, technology, distribution infrastructure and regional expansion initiatives. Total assets increased to $142.7 billion (2024: $135.6 billion), reflecting growth in receivables, biological assets, strategic investments, and the consolidation impact of increased ownership in key subsidiaries.
Total liabilities increased to $92.5 billion (2024: $88.8 billion), primarily reflecting acquisition-related funding and working capital expansion to support revenue growth.
Total equity closed the year at $50.2 billion, up from $46.8 billion in the prior year.
The Group continues to maintain adequate liquidity to fund operations, capital expenditure and strategic initiatives.
Dividends declared during 2025 amounted to $1.55 billion, reflecting the Board’s continued commitment to balanced capital allocation and shareholder returns.
Revenue and Profitability Analysis (Year-to-Date)
Revenue increased by 15% to $153.6 billion, driven primarily by product mix optimization, pricing discipline and expanded regional distribution.
Gross Profit increased by 5% to $41.0 billion (2024: $39.1 billion). Margin pressures from higher raw material and input costs were partially offset by improved pricing and operational efficiencies.
Operating Expenses increased modestly by 3% or approximately $938 million, reflecting a lower cost growth vis-àvis prior quarters as we double down on cost management.
Operating Profit increased by 34% to $12.1 billion (2024: $9.0 billion).
Finance Costs increased by 19% or $768 million, reflecting higher debt levels associated with acquisition activity and working capital requirements.
Profit before Tax increased by 35% to $7.6 billion, inclusive of the $2.3 billion investment property gain (2024: $5.6 billion).
Net Profit increased to $5.7 billion, representing a 72% increase year over year.
Cash Flow and Liquidity Cash generated from operating activities improved to $8.2 billion, compared with $6.1 billion in 2024, reflecting stronger profitability and improved working capital management.
Capital expenditure totaled $2.4 billion, primarily directed toward operational capacity, infrastructure enhancement and efficiency initiatives.
During November 2025, Seprod successfully raised $3 billion in the capital markets to refinance short-term obligations. This successful capital raise supports the Group’s liquidity strategy by reducing refinancing risk and extending the maturity profile of our liabilities.
Net cash used in financing activities was $4.4 billion, reflecting dividend payments, debt servicing and lease obligations.
Cash and cash equivalents closed the year at $7.0 billion, up from $5.8 billion in 2024, reinforcing the Group’s improving liquidity position.
Outlook for 2026
2025 was a year of consolidation and strategic strengthening of our core platforms. During the year, we intensified our focus on margin resilience, cash generation, cost optimization, disciplined growth and improving return on equity (ROE). These initiatives are foundational to building a more efficient, integrated and performance-driven organization.
While macroeconomic conditions remain uncertain – including global supply chain volatility, interest rate pressures and input cost fluctuations – the Group enters 2026 from a position of greater financial and operational strength, driven by:
Stronger earnings momentum and improved liquidity
A strengthened brand investment and innovation pipeline
Enhanced operating discipline and integration capabilities
Our strategic priority will be to deepen synergy extraction across business units, strengthen regional distribution platforms and drive sustainable margin expansion.
We remain confident in the Group’s ability to continue to deliver long-term shareholder value while reinforcing our competitive position across the markets in which we operate.
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