Derrimon Trading Company Limited

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What it is

Derrimon is a leader in wholesale distribution, retail, and manufacturing in Jamaica, with its principal operations at 235 Marcus Garvey Drive, Kingston 11; it also operates the Sampars Cash & Carry and Select Grocers retail locations, with controlling interests in Caribbean Flavours & Fragrances and Woodcats International.

The group runs three segments — Distribution, Wholesale & Retail, and Other Operations — covering household products, detergents, chilled and ambient beverages, meat and food products, and also manufactures flavours and fragrances, processed meat, and wooden pallets.

Through a series of strategic acquisitions in consumer-related businesses, the company has undergone a transformation into a vertically integrated Jamaican enterprise. Derrimon is also the largest importer of rice in Jamaica, making it a key node in the island’s food-security chain.

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Who owns it

Derrimon was established in 1998 by Derrick Cotterell, the current Executive Chairman of the board; the primary shareholders are Derrick Cotterell and Monique Cotterell. The exact combined percentage they hold is not disclosed in available sources, but they are the controlling family.

Barita Investments Limited announced that it now owns 20% of Derrimon Trading Company Limited — the second-largest position in the company, behind founder Derrick Cotterell. The remaining shares make up the public free float on the JSE Junior Market.

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Who runs it

In January 2025, Derrimon announced a leadership transition: Ian C. Kelly, CD, was appointed Chief Executive Officer, while founder Derrick Cotterell stepped back to Executive Chairman after 26 years of leadership.

Key members of the leadership include Ian Kelly (Group CFO before his elevation to CEO), Monique Cotterell as Group Human Resources Director and Company Secretary, and other senior leaders of the Group. As at December 31, 2024, the Board comprised ten members: three Executive Directors including the Executive Chairman, and seven Non-Executive Directors.

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The money, in plain words

For the year ended December 31, 2024, Derrimon recorded consolidated revenues of J$15.21 billion (US$97 mn), compared to J$18.74 billion (US$120 mn) in 2023 — a fall of 18.8% (our calculation), the sharpest single-year revenue drop in the group’s history.

Consolidated operating profit was just J$112 million (US$716 k), while the net loss for the year was J$616 million (US$4 mn), compared to a net profit of J$182 million (US$1 mn) in 2023. That means the group lost about four cents for every Jamaican dollar it took in — a net margin of −4.1% (our calculation).

The loss was compounded by a sharp increase in finance costs, which surged 30% to J$766 million (US$5 mn), and a J$462 million (US$3 mn) impairment charge on financial assets. High debt servicing on top of lost revenue is what turned an operational squeeze into a large bottom-line loss.

Total assets nonetheless increased to J$17.7 billion (US$113 mn), while total liabilities climbed to J$11.4 billion (US$73 mn) — leaving shareholders’ equity very thin. Derrimon had debt of J$4.2 billion (US$27 mn), which was 65 times its equity of J$6.5 million (US$42 k) at year-end December 2024 — a leverage ratio that explains why the company has been in active talks with creditors.

Gross profit stood at J$3.86 billion (US$25 mn), or a gross margin of 25.4% — that layer of profit from buying and selling goods held reasonably firm; the damage came from interest costs and write-downs further down the income statement.

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What it is doing now

The company has rebranded its two New York supermarkets — FoodSaver NY and Good Food for Less — as Sampars New York; both stores reopened in August 2025 and are currently operating at 40–50% of pre-closure traffic and sales volumes.

CEO Ian Kelly said the company successfully negotiated waivers with all its financial partners, including IDB Invest, for the 2025 financial year, with the IDB arrangements finalised in August. The company is also weighing the disposal of non-core property holdings as part of its effort to return to profitability.

In the first half of 2025, six-month revenue rose 9% to J$8.5 billion (US$54 mn) and net profit climbed 35% to J$163 million (US$1 mn) — early signs that cost discipline and the New York reopening are beginning to bite.

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What to watch

• New York recovery pace. The company estimates flood-related disruptions resulted in revenue losses of up to US$40 million (≈J$6.4 billion); recapturing even half of that would materially change the group’s numbers.
• Insurance settlement. Derrimon Chairman Derrick Cotterell has said the company engaged a firm to negotiate a settlement with insurers — a successful payout could reduce both the impairment charge and the debt load.
• Debt and leverage. With liabilities at 65 times equity at year-end 2024, even a modest improvement in trading conditions must be accompanied by genuine asset sales or fresh equity to restore balance-sheet health.
• Leadership track record. Ian Kelly is in his first full year as CEO; his ability to navigate creditors, rebuild the New York footprint, and lift margins in core distribution will define the next chapter of a company that has not yet posted a clean profitable year since 2022.

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This is news, not investment advice.