Fifty-year-old stationery leader, Stationery & Office Supplies (SOS) Ltd. continues to see its financial fortunes grow.
For the financial year 2017 to 2018, SOS posted revenues of $1.06 billion, an increase of 17% over the previous year.
Pre-tax profits came in at $85 million, an increase on the $83 million posted in the prior year. Its stock price has jumped from $4.97 at the start of the years to $8.19 presently.
Increase of 17% over the previous year
SOS made significant strides with the acquisition of SEEK, allowing it to acquire the manufacturing assets of Book Empire. Book Empire makes the SEEK Brand of notebooks and writing pads.
This $80 million acquisition allowed SOS to start light manufacturing, thus reducing its dependence on imported office and furniture supplies.
This has given us an opportunity to prove that local does not mean inferior, as we’ve seen sales skyrocket since that acquisition.— Allan McDaniel, SOS Ltd’s Deputy Managing Director
“We’re excited about the SEEK acquisition, not just because of the profitable implications of being able to decrease our imports, but having the opportunity to promote brand Jamaica in this way means a lot to us, as a company who is also heavily invested in Jamaica.
“This has given us an opportunity to prove that local does not mean inferior, as we’ve seen sales skyrocket since that acquisition, said SOS Ltd’s Deputy Managing Director, Allan McDaniel.
For the first quarter of 2019, revenues are up 23% with pre-tax profits increasing by 30%.
The company has plans in place to export to Barbados this year.