Lasco Manufacturing Limited

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What it is

LASCO Manufacturing was incorporated in October 1994 through the merger of LASCO Foods (Successors) Limited and LASCO Foods Limited. It is widely recognised as the leading producer of nutritious powdered beverages in Jamaica under the LASCO brand, and expanded in 2014 into liquid refreshing beverages and water under the iCool brand.

The company manufactures soy-based products, juice drinks, water, and packaged milk products, with brands including LASCO, LaSoy, iCool, and Lyrix, spanning general groceries, seasonings, sauces and condiments, beverages, baby care, and personal care. Despite a regional presence across Caribbean and North American markets, exports currently account for only about 4 per cent of business activity.

Who owns it

The Estate of the late founder Lascelles Chin remains one of the largest shareholders, holding approximately 30 per cent of LASCO Manufacturing. The Jamaican National Insurance Fund holds a further 2.5%, with Mayberry Jamaican Equities and Sagicor Select Fund among smaller institutional holders.

The estate’s principal co-shareholders include East West (St Lucia) Limited and Mayberry Jamaican Equities Limited, while the Chin family also maintains personal shareholdings. LASCO Manufacturing migrated from the JSE Junior Market to the Main Market on 27 March 2024, after thirteen years on the smaller board.

Who runs it

James Rawle — a consumer food industry veteran — was appointed Executive Chairman of LASCO Manufacturing in 2023; he had previously served as managing director since 2017 and deputy chairman before that. Rawle remains managing director of LASCO Manufacturing in addition to his chairman role, replacing founder Lascelles Chin, who passed away in May 2023 at age 86.

The board includes Non-Executive Director Dr. Eileen Chin, Professor Rosalea Hamilton, Mrs. Jacinth Hall-Tracey, Mr. Compton Rodney (FCCA), and Mr. Vincent Chen, with BDO serving as external auditor. Dr. Eileen Chin’s appointment as deputy executive chairman of the affiliated financial services subsidiary was under consideration at a planned June 2025 board meeting.

The money, in plain words

LASCO Manufacturing keeps about 21 cents of profit from every dollar of sales — a net profit margin of 20.7% (our calculation), which is exceptional for a food manufacturer anywhere in the world. Revenue reached JMD 12.42 (US$0.08)B in the fiscal year ended March 2025, up 3.0% from JMD 12.05 (US$0.08)B the prior year, while earnings rose 7.9% to JMD 2.57 (US$0.02)B.

For every dollar owners have put into the business, it earns about 18 cents back each year — a return on equity of 18.0% (our calculation), healthy for any sector. The company carries no debt whatsoever — a debt-to-equity ratio of 0% — and holds JMD 5.4 (US$0.03)B in cash and short-term investments, meaning the balance sheet is effectively a fortress.

At roughly 10.8× earnings (our calculation), the shares trade at a modest price for the quality on offer.

What it is doing now

LASCO Manufacturing delivered strong results for the nine months ended December 2024, with revenue rising 3% to JMD 9.50 (US$0.06)B, though profit margins remain under pressure from input costs. In June 2025, the board declared an interim dividend of JMD 0.19 (US$0.00)per share, payable to shareholders on record as of 1 July 2025.

In April 2024, the company completed a 500 kW solar installation at its St. Catherine facility — developed in partnership with USAID and the Jamaica Energy Resilience Alliance — among the largest of its kind in the country, designed to power LASCO’s operations and serve as a research platform for the University of the West Indies.

What to watch

• Succession and family continuity. The Chin family’s continued involvement in the business is a live question; Dr. Eileen Chin has outlined a growth strategy centred on exports, new product development, higher-value offerings and acquisitions.
• Export growth from a low base. Exports are only about 4% of activity today, so any real traction in Caribbean or North American markets would meaningfully change the growth story.
• Input cost pressure. Revenue is growing steadily, but margins are being watched: rising raw-material costs are the main variable squeezing the gap between strong sales and profit.
• Main Market transition. Moving to the JSE Main Market in early 2024 raised the company’s profile and reporting obligations; how management uses that platform — and whether it draws institutional capital — matters for the share’s liquidity and rating.

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This is news, not investment advice.