Fast-growing bakery Honey Bun Limited recorded $145 million worth of additions to its property plant and equipment in its financial year.
That’s three times higher than a year earlier, according to audited financials released this month.
The rise comes amid the acquisition of two properties in the company’s financial year ending September 2014.
As a consequence, the net value of its property, plant and equipment rose to $296 million.
The greatest additions came from the building assets which rose to $134 million from $40 million one year earlier, followed by land at $20 million from nil a year earlier, the financials indicated.
“We have also acquired the two properties located immediately beside our existing manufacturing plant,” stated the annual report released late last week. “In the upcoming years we plan to take advantage of the opportunities that these have provided us, particularly those which the expansion of our real estate acquisition will allow.”
Hitherto, the company’s property acquisitions were known, but not the audited value of these additions to its assets.
The company, founded and led by the Chong family, bought a 20,000-square foot property that joins its existing operations on Retirement Crescent to another piece it bought last October.
The Jamaica Observer previously reported that the three properties combined — numbers 22, 24 and 26 Retirement Crescent — total 1.3 acres, or 57,000 square feet.
Honey Bun posted $23.4 million in profit from $741 million in sales for its September year-end or one-third less profit year-on-year. The bakery previously told the Business Observer that the dip in profits was caused by reduced consumer spend, inflation and higher input costs.
Honey Bun’s principal activities comprise the manufacture and distribution of baked products to the local and export markets. It was listed on Jamaica Stock Exchange Junior Market in June 2011.