N.V. VSH Foods

What it is

VSH Foods has been making margarine, butter and other edible fats for over fifty years; the factory first produced Yellow Bird (Gelebek) margarine in 1963. Today its brands — Golden Brand, Marigold, Bake ‘n Fry and Baker’s Choice — are staples across Suriname and the Caribbean.

The company holds ISO 22000 food-safety certification, and beyond Suriname its products are sold in Trinidad and Jamaica, with Golden Brand and Baker’s Choice available in Trinidad and Golden Brand sticks in Jamaica.

Who owns it

VSH United (N.V. Verenigde Surinaamse Holdingmij.), Suriname’s diversified holding group, controls 65.34% of VSH Foods.

That stake makes VSH United both ultimate parent and controlling shareholder; the free float of roughly 34.7% trades on the Suriname Stock Exchange, where shares change hands twice a month, on the first and third Thursday.

VSH Foods is listed on the stock exchange as part of the VSH United Group, which holds 65.34% of the shares — effectively the same block disclosed in each successive annual report. No other named large minority holder is disclosed in available sources.

Who runs it

As of early 2025, VSH Foods is in a leadership transition. The annual report confirms that Managing Director Marlon Telting stepped down on 1 February 2025 after nearly eleven years, with Supervisory Board chair Patrick Healy stepping in as acting managing director.

The board recommended Bianca Weekes-Klaverweide — previously assistant managing director — be appointed permanent Managing Director at the May 2025 AGM. Finance Manager is Kitty Eduards.

The Supervisory Board’s Audit and Risk Committee is chaired by Antoine Brahim, with Alvin Venetiaan and (since 2024) Mario Merhai as members. The company’s name was formally changed from “Margarine, Fats and Oil Company Ltd.” to N.V.

VSH FOODS at the general shareholders’ meeting on 27 April 2009.

The money, in plain words

The full year 2024 was difficult. Net profit — the money left after all costs and taxes — came to USD 927,151, down 43% from USD 1,631,076 in 2023 (our calculation from audited figures).

The first half of 2024 tells much of the story: sales revenue fell 18.4%, and earnings before tax dropped 54.5% compared to the same period in 2023.

A packaging-line breakdown early in 2024 forced the company to ration production across markets, while a weakening Surinamese dollar raised the cost of imported raw materials — a double hit to margins. The company’s stated dividend policy is to pay 30–35% of net earnings annually; for 2024 it declared SRD 3.40 (US$3)per share (SRD 0.60 (US$0.60)interim + SRD 2.80 (US$3)proposed final), against SRD 6.50 (US$6)in 2023.

The balance sheet as at mid-2024 showed total assets of SRD 308.6 million (USD 308.6M at stated FX) and total equity of SRD 151.8 million (USD 151.8M), with long-term borrowings of SRD 62.6 (US$63)M taken on largely to fund a capital expansion programme. The accounts are prepared under IFRS with hyperinflation adjustments (IAS 29), which is standard for Suriname’s high-inflation economy.

What it is doing now

The company is in the middle of a capital investment cycle, expanding production capacity under an approved master plan — the reason management asked shareholders in 2023 to accept a lower-than-policy dividend, releasing cash for plant upgrades. It has been building export routes since 2003, when it shipped its first order to Curaçao, followed by Trinidad in 2004.

The most immediate event is the leadership handover: the AGM of 16 May 2025 was set to ratify Bianca Weekes-Klaverweide as the new managing director — the first woman to lead the company. Whether the new chief can restore profit growth while completing the capital programme is the central question for shareholders.

What to watch

• New MD appointment: confirmation and early strategic signals from Bianca Weekes-Klaverweide.
• Export recovery: Caribbean export volumes fell sharply in H1 2024; a rebound is key to margin recovery.
• FX and input costs: the Surinamese dollar’s direction directly squeezes raw-material costs, almost all of which are imported.
• Capital programme: whether the plant investment yields the production uplift that justified the lower 2023 dividend.
• Thin liquidity: with only ~34% of shares freely trading, and the SSX doing two sessions per month, price moves can be abrupt on small volumes.

This is news, not investment advice.