LASCO invests over US$23m in expansion thrust

LASCO Financial Services Ltd. > News > LASCO invests over US$23m in expansion thrust

Thursday, May 18, 2017

KINGSTON, Jamaica – The LASCO affiliated companies invested over US$23 million on expansion efforts across LASCO Manufacturing Limited (LASM), LASCO Distributors Limited (LASD) and LASCO Financial Services Limited (LASF) in the past financial year.

As at May 1, the combined market capitalisation reached $53.8 billion, putting the group of companies fourth behind the major banks – National Commercial Bank, Scotia Jamaica and Sagicor Group Jamaica – on the Jamaica Stock Exchange , a LASCO release said.

“I attribute our success in large part to our continued capital investment, increased efficiencies, productive workforce, affordable quality products, loyal customers and a marketplace conducive to growth,” Executive Chairman of LASCO, Lascelles Chin, was quoted as saying.

LASCO said it invested US$12 million in LASM and now features three modern production lines in the liquid plant, producing the LASCO iCool range of water and juice drinks and their newest product LASCO iDrade, a hydration drink. The boosted operational capacity is welcomed ahead of the new flavours due out this summer. The dry blend plant added Nutrify, a complete meal replacement drink, to its portfolio recently.

“In our continuing efforts to provide affordable, yet high quality products, we proudly translated our efficiencies into price reductions to Jamaicans on our most popular offerings. Effective this month, LASCO has dropped the price on our iCool water by 30 per cent and 20 per cent on our iCool juice drinks,” said Chin.

LASD saw an US$8 million investment on expansion “to a modern, efficient and effective distribution centre providing a significant increase in service levels to customers locally and internationally”.

The distribution arm, which subsumed responsibility for exports last year, now exports LASCO branded products to over 25 countries with more to be added, the release said.

The youngest LASCO branded company LASF invested US$3 million on expansion and now provides a wide range of money-related services to customers in upgraded facilities across the island. This includes the launch of its new consumer facing brand – LASCO Money, the new facilities on Red Hills Road, which features MoneyGram remittances, and offer cambio and loans services. The new western flagship branch in Bay West Shopping Centre, Montego Bay and opened seven micro-loan shops within the last financial year, the release said.

“Having laid a solid foundation, we are now improving our efficiency, reducing further expansion and marketing costs, while significantly increasing our profits,” Chin noted.