Wisynco Group recorded strong performance in its fourth quarter, the period from April to June, which helped it reverse lower profits up to the end of its third quarter. At the end of its financial year, the manufacturing and distribution company posted profits which were up 14 per cent from 2020 at $3.1 billion. At the end of March, profits for the group were down 5%.

Andrew Mahfood, chief executive officer (CEO) of the Wisynco Group, said the turnaround in the last quarter of the company’s financial year can be attributed to the opening up of the economy during the period.

“We started to see growth with the resumption of tourism and it started primarily with the vaccination of Americans and Europeans. So the tourism sector really started to rebound and at the same time, April-May- June, we noticed our [COVID] cases in Jamaica started to drift downwards. So that coupled with more people understanding how to live with the virus, as well as a resumption of the tourism and restaurant industry, coupled with Jamaicans getting vaccinated and moving around a little bit more….we had a very good final quarter,” he said, in response to queries from the Jamaica Observer.

Revenues for the fourth quarter jumped by 17.1%, as Wisynco experienced recovery in all its business channels during the period. However, in spite of the recovery in its business channels and 17.1% growth in revenues, overall revenues for 2021 were still flat at $31.8 billion or 1.1% less than the $32.2 billion in 2020.

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