Do you remember ever following a family member to the wharf or having gone yourself, having to wait for hours to clear just one barrel? Better yet, have you been privy to the hefty service charges and customs fees you have to pay to clear a barrel of goods? If you have been among the unfortunate few, then Derrimon Trading [JSE: DTL] has a solution for you.
Derrimon Trading Company Limited seeks to make shopping and more importantly, the delivery of goods easier for Jamaicans. The company is hoping to get the attention of the Diaspora to use its services which will include an online shopping platform which will list ‘name brand’ items Jamaicans prefer. This method will save persons the hassle of packing barrels by reducing the sender’s labour to just clicks on a cell phone or laptop. The items will then be delivered within 48 hours.
Derrimon Trading will pack the ‘barrels’ from their warehouse; located on Marcus Garvey Drive, Kingston. The company started its online shopping quest with university students but admits the supermarket shopping online is not easy but they have figured out a way to complete the task.
But how will consumers be guaranteed that they are buying quality products?
CEO of Derrimon Trading, Derrick Cotterell, explained that it is in the best interest of the company to deliver quality goods. If not, then Derrimon will lose money as items returned will have to be disposed of.
Most business transactions in this generation are being done digitally and this venture is just one way in which Derrimon Trading is positioning itself to take part in the evolution.
For the financial year ending 2017, Derrimon Trading Company Limited made $6 billion in revenue and $281.7 million in net profit. A notable increase of 59.6 percent in revenue when compared to $953.9 million the company made in 2016. Net profit was also increased by a whopping 142.6 percent from $116.1 million.
The company has been doing well, and although we would not recommend adding the stock to your portfolio at the moment, we continue to monitor it carefully.
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