GRAHAM… the outlook for the business remains highly optimistic
PRESSED by challenges that have led to reduced revenues and continued losses, Paramount Trading has turned to a suite of new strategies aimed at reversing its downward trajectory.
Having launched a multi-pronged approach to stem losses seen since last year, the company has cited, as a cornerstone of its efforts, a comprehensive reassessment and reorganisation of its internal teams.
“This will help to enable our people to contribute to the organisation, according to their strengths, as we look to leverage the entire skill set of each team member,” CEO Hugh Graham said in response to Jamaica Observer queries.
Graham said the company has been actively working to ensure that all team members are aligned with its goals and vision, and has been using workforce engagement and culture-building initiatives aimed at uniting staff around its long-term vision to achieve this.
“Despite the challenges, we are committed to building a workforce where each and every team member is dedicated to the growth and success of Paramount,” Graham said.
As part of its recovery plan the company has also intensified efforts to reduce operational costs while placing renewed emphasis on sales and customer engagement. The CEO said the business has taken decisive steps to reconnect with customers whose purchasing levels declined over the past year.
The strategies, according to management, have already begun to show signs of promise. Paramount posted a profit for the third quarter, helping to offset losses recorded in the first half of the financial year.
For the three months ending February 2025 Paramount recorded a profit of $9.3 million, recovering from losses reported in the previous July–August and September–November quarters. Third-quarter revenues came in at $409 million, contributing to an overall nine-month revenue total of $1.2 billion — a 5.5 per cent decline year over year.
At the end of the nine-month period a loss of $43.1 million was also recorded, a stark departure from the almost $100 million in profit secured for the same period of the prior year.
“We will continue to explore new opportunities to grow the revenue base, in line with our strategic objectives, while containing our costs,” Chairman Radcliffe Knibbs said in a report to shareholders.
Paramount’s leadership is also optimistic about growth following the recent partnership with Manpower & Maintenance Services Limited Group (MMS), formalised at the April 3-6 Expo Jamaica 2025 trade show. The agreement comes after three years of discussions, initially led by MMS founder and former CEO Audrey Hinchcliffe.
Under the strategic partnership Paramount will supply chemicals for the facilities management arm of MMS Group; manufacture products, including Powersol, that will be distributed under the MMS label, as it also provides warehousing and logistical support for the entity.
“Our partnership with MMS reflects our intent to drive growth in revenue through strategic partnerships,” Graham said. “This partnership has been in the making for a number of years. We are expecting an increase in revenue for both this current financial year and certainly in the upcoming financial year. We believe that both companies will benefit.”
Looking ahead, Graham remains upbeat despite what he described as a temporary “glitch” in revenue performance. He expressed confidence that the company’s current strategies will drive its return to historic growth levels.
“The outlook for the business remains highly optimistic. We are committed to strident action to return the business to the growth that the market has grown accustomed to, and we are confident that the strategies mentioned will allow the company to embark on an upward trajectory. We have already started to experience encouraging results,” he said.
Paramount’s leadership is optimistic about growth following the recent partnership with Manpower & Maintenance Services Limited Group formalised at the April 3-6 Expo Jamaica 2025 trade show.Paramount’s leadership is optimistic about growth following the recent partnership with Manpower & Maintenance Services Limited Group formalised at the April 3-6 Expo Jamaica 2025 trade show.
