Jamaican electrical supply company FosRich, which is targeting factories, offices, public buildings, high-rise buildings, and housing developments, will, on June 14, stage the Caribbean and Central America Industrial Cable & Distribution Forum, according to CEO
The event, Foster added, will feature two of the companies international partners, Siemens AG and Nexans Cable Company,”
He added that breakout sessions will feature engineers from these companies who will update participants on the improvements in switchgear and copper cables.
Aside from the industrial business segment, the light and power company also plans on improving inventory. FosRich is targeting a rotation of one and a half times the current $625 million.
“Our inventory is one of the most important assets in our company. We are undertaking the project of digitising the inventory items this year,” Foster said, noting that the project should double the company's efficiency.
“We will be able to track the items coming in the warehouse, locate them easily, and prevent over trading and theft. We will be able to invoice the products faster and serve our customers more efficiently.”
FosRich closed the year with after-tax profit of $54.9 million, an increase of $24.6 million or 81 per cent on the $30.3 million earned in the prior reporting period. The company, which raised approximately $200 million from an initial public offering last year, saw a reduction in revenue from $1,155.6 million in 2016 to $1,046.2 million for the year under review.
FosRich blamed the decline in sales on initial market resistance to its new and advanced flexible, multi-strand cables.