Blue Power is importing lumber and plyboard for sale to Lumber Depot.
It is seeking to increase revenues by recovering CARICOM markets lost in 2019 when its certificate of origin was cancelled. Exports to those markets constitute 20 per cent of sales. Blue Power is also looking to the US.
Previously a division of Blue Power, Lumber Depot Limited acquired the assets and liabilities from Blue Power in August 2019. It later listed on the Junior Market of the Jamaica Stock Exchange (JSE).
Lumber Depot operates a full‐service hardware store in Papine that serves the needs of large and small‐ scale building contractors, as well as homeowners doing construction projects, renovations and repairs.
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Major Noel Dawes, managing director of Lumber Depot Limited.
Construction material retailer Lumber Depot Limited has doubled its second-quarter earnings, comporting with the positive results of other companies that do business in the sector.
The company, which operates a hardware store, said it sought to keep inventory readily available during the period amid increased demand for supplies.
“During the period under review, a major area of focus for us was to maintain consistent inventory levels in all of the key hardware supplies – including lumber, steel and cement products – regardless of the factors affecting production and transportation of these items. We have been generally successful with this and in turn, this has improved our standing with key customers,” said Managing Director Major Noel Dawes in the preface to the financials.
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Lumber Depot Limited has benefited from improved revenues and its tax status arising from listing on the Junior Market of the Jamaica Stock Exchange (JSE).
Shareholders equity for Lumber Depot Limited has increased by 34 per cent for the year‐to‐date and now stands at $258.28 million.
Lumber Depot, in its current form, began operation when its assets and liabilities were acquired from the Blue Power Group Limited with effect from August 1, 2019.
Lumber Depot Limited then listed on the Junior Market on December 16, 2019.
The company which serves the middle market in construction services has been holding its own, despite the downtown in the Jamaican economy.