Amidst soaring success in 2024, Caribbean Cream Limited, known as Kremi, is on the brink of a transformative venture with the drilling of a new water well at its plant in Kingston. This development, overseen by CEO Christopher Clarke, promises to revolutionize the company’s operations by providing a stable water source independent of the National Water Commission (NWC).
The following highlights shed light on the significance of this project and the promising future it holds for Caribbean Cream:
- The new well, tapping into a natural aquifer at a rate of 50 gallons per minute, signifies a milestone for the company’s autonomy in water supply.
- By becoming self-sufficient in water within three months, Caribbean Cream stands to save around $2 million per month, contributing to a projected decrease in water expenses from $25 million annually.
- Jamaica Wells and Services Limited’s involvement in the project, with a budget of $50 million, underscores the meticulous planning and execution of this strategic initiative.
- The company aims to leverage this investment to enhance operational efficiency, profitability, and ultimately, deliver improved returns to its stakeholders.
As the company embarks on this transformative journey, its financial performance to date reflects a trajectory of steady growth and strategic investment:
- The gross profit for the first half of the year surged by 39% compared to the same period in 2023, marking a remarkable increase from $541 million to $1.5 billion in revenue.
- Despite a rise in administrative expenses, Caribbean Cream’s board remains optimistic about the long-term benefits of the capital expenditure projects funded through loans, emphasizing a commitment to enhancing productivity and profitability.
- With recent upgrades such as a new cold room and blast freezer, the company is well-positioned to meet heightened demand during the upcoming holiday season.
Looking ahead, Caribbean Cream’s proactive approach towards sustainable growth and innovation propels it towards a future defined by resilience and prosperity. As the well springs forth with new possibilities, the company stands poised to transform challenges into opportunities, setting a benchmark for success in the ice cream industry.
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