The food and farm brand, Seprod Limited closed 2025 with a decisive fourth quarter surge, delivering nearly half of its full year profit in the final stretch.
That said, annual profit rose to $5.0 billion on revenue of $153.6 billion for the year ended December 2025, a 91 per cent increase from 2024. Fourth quarter profit came in at $2.44 billion on revenue of $40.6 billion – more than twelve times the $198 million earned a year earlier. The company’s results were boosted by a gain on investment property booked in its operations.
“This performance reflects the continued benefits of portfolio optimisation, disciplined cost management and improved operational execution as we deepen integration efforts and begin extracting meaningful synergies across our business units,” stated CEO Richard Pandohie in the preface to financials.
He added that the quality of earnings improved “materially” as operational efficiencies and portfolio adjustments began to gain traction.
Fourth quarter gross profit of $10.9 billion reflected lingering cost pressure, yet other operating income rose to $2.3 billion from $1.1 billion a year earlier, helping expand operating profit. Pandohie called the quarter proof that integration of recent deals and a sharper operating model are showing up “in improved operational execution” across units.
Year in review.
For 2025, revenue growth leaned on the distribution segment, now the group’s anchor, while Manufacturing delivered operating leverage from scale efficiencies and capex driven productivity. Export sales held at $5.9 billion despite a new 10 per cent U.S. tariff, offset by “pricing discipline” and portfolio optimisation. Operating expenses rose just 3.0 per cent, underpinning the 34 per cent rise in operating profit. Finance costs climbed 19 per cent on higher debt tied to acquisitions and working capital.
Deal logic
Seprod lifted its stake in A.S. Bryden & Sons Holdings to 80 per cent, while Bryden raised its shareholding in Caribbean Producers (Jamaica) to 80 per cent. The Bryden buy up was oversubscribed, with 465 million shares tendered versus 447.5 million sought; settlement came via 177.4 million new Seprod shares. Management’s stated intent: tighter supply chain integration, a unified commercial playbook and a wider Caribbean distribution spine.
Cash story
Operating cash flow rose to $8.22 billion from $6.07 billion, reflecting stronger profitability and better working capital management. Capex moderated to $2.42 billion as earlier investments in dairy packaging and processing began to yield efficiency gains. Cash and equivalents ended at $7.02 billion, up from $5.80 billion. Management also raised $3 billion in November to refinance short term debt, extending maturities into 2026.
Balance sheet
Assets rose to $142.7 billion, equity to $50.2 billion, and liabilities to $92.5 billion, consistent with a group digesting acquisitions while maintaining liquidity for capex and bolt ons. Dividends declared totaled $1.55 billion, signaling balanced capital allocation while leverage is managed. Shareholders remain anchored by Musson linked entities, the Coconut Industry Board and other institutions.
Outlook
Management enters 2026 focused on “margin resilience, cash generation, cost optimisation” and improved return on investment, while noting macro uncertainty. Management plans to “deepen synergy extraction across business units, strengthen regional distribution platforms and drive sustainable margin expansion”.
Neville.graham@gleanerjm.com
