Carreras Limited has been awarded the Best Performing Company for 2016 at the Jamaica Stock Exchange (JSE) Best Practices Awards ceremony recently. The Best Performing Company award recognizes outstanding performance by a company through enhanced shareholder value in areas such as profitability, capital efficiency and direct return on shareholdings.
The company has won 8 awards from this area over the past few years from a field of 50 companies listed on the JSE. They also obtained the 2nd runner up placement for Best Website Award for the third time.
This is impeccable for the cigarette distributor despite the challenges it faced whether it was regulatory and economically. In March of last year, the government imposed a tax on cigarettes increasing the excise duty by $3. This decreased sales for Carreras as consumers were more inclined to purchase cheaper cigarettes from bootleggers selling counterfeit cigarettes. Even wholesalers were cashing in on the illegal cigarettes as they were more readily available.
The company has overcome these challenges by revamping its marketing campaigns, expanding the brands it distributes and working externally with control agents to rid the market of smugglers.
The company made an increase in net profit from $3 billion to $3.8 billion for the period ending March of this year and we look forward to seeing the continued success of Carreras on the Jamaica Stock Exchange Market.
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