Context: How Suriname Stock Exchange works, and what it makes issuers disclose · Suriname on the LatAm Power Map
In the supermarkets and kitchens of Suriname, the golden tub of Golden Brand margarine is as familiar as the morning itself. The company that makes it — N.V.
VSH FOODS — has been spreading its product across the Caribbean since 1960, and is one of only a dozen companies publicly traded on the Suriname Stock Exchange.
| Key Facts — N.V. VSH FOODS | |
|---|---|
| Full name | N.V. VSH FOODS (Naamloze Vennootschap VSH Foods) |
| Ticker / exchange | VSHFOODS.SR — Suriname Stock Exchange (SSX) |
| Headquarters | Indira Gandhiweg 157, Paramaribo, Suriname |
| Sector | Consumer staples — edible fats manufacturing |
| Employees | ~60 |
| Shares outstanding | 1,280,837 |
| Share price (SSX, last traded 4 June 2026) | SRD 535 (= ~USD 535 at prompt FX) |
| Market value (market capitalisation) | SRD 685M / ~USD 685M (our calculation: 1,280,837 × SRD 535 (US$535)) |
| Yearly revenue (H1 2024, SRD) | SRD 179 (US$179)M (H1 2024; full-year 2024 figure not separately extracted from annual report) |
| Net profit (full year 2024) | USD 927,151 (as reported; 2023: USD 1,631,076) |
| Return on equity | Not calculable from available USD/SRD data without full equity in USD |
| Dividend per share (proposed, 2024) | SRD 3.40 (US$3)total (SRD 0.60 (US$0.60)interim paid Nov 2024 + SRD 2.80 (US$3)final proposed) |
| Price-to-earnings | Not disclosed in available sources in comparable currency |
| Website | www.vshfoods.com |
What it is
For over fifty years, N.V. VSH FOODS has been Suriname’s dedicated producer of margarine, butter, and other fats and oils; the factory first started production of Yellow Bird margarine in 1963.
Today it offers a wide range of brands — Golden Brand, Marigold, Bake ‘n Fry, and Baker’s Choice — and is a genuine specialist in edible fats in the Caribbean region.
Since 2003 the company has exported beyond Suriname’s borders, reaching Curaçao, Trinidad, and Jamaica, with Golden Brand and Bake ‘n Fry among the export staples. It holds ISO 22000 certification, the international food-safety management standard, which it runs alongside a full HACCP hazard-control programme.
Who owns it
N.V. VSH FOODS is part of the VSH United Group and is listed on the Suriname Stock Exchange.
The company, formerly known as the Margarine, Fats and Oil Company Ltd., was established in 1960 by René Chin-Ten-Fung.
The parent company, VSH United — N.V. Verenigde Surinaamse Holdingmij., one of Suriname’s largest holding companies across seven market segments — holds 65.34% of VSH FOODS shares, according to the 2024 Annual Report.
The remaining 34.66% is freely traded on the SSX, with 94.17% of the 1,280,837 outstanding shares having been converted to registered form as of May 2025.
Who runs it
The 2024 Annual Report records a leadership transition at the top. On 1 February 2025, Marlon Telting stepped down as Managing Director after almost eleven years; Patrick Healy, Chair of the Supervisory Board, stepped in as Acting Managing Director during the interim period.
The Supervisory Board recommended the appointment of Bianca Weekes-Klaverweide as the new Managing Director, to be confirmed at the AGM of 16 May 2025.
The Supervisory Board is chaired by Antoine Brahim, with Paul Brahim, Alvin Venetiaan, and Mario Merhai as members; Kitty Eduards serves as Finance Manager. The Audit and Risk Committee — chaired by Antoine Brahim — met twice in 2024 and is supported by external auditor Reliant Corporate Finance & Accountancy (RCFA).
The money, in plain words
Net profit for the full year 2024 came to USD 927,151 — down 43% from USD 1,631,076 in 2023 (our calculation) — a sharp fall driven by tough conditions in Suriname. The company’s H1 2024 half-year report attributed the decline to a packaging line breakdown, a 25% drop in overall sales volume, a 35.6% drop in export sales, and an 18.4% fall in sales revenue versus the same period in 2023.
The total proposed dividend for 2024 is SRD 3.40 (US$3)per share — versus SRD 6.50 (US$6)in 2023 — of which SRD 0.60 (US$0.60)was paid as an interim dividend in November 2024. At the SSX last traded price of SRD 535, (US$535)that SRD 3.40 (US$3)payout represents a dividend yield of about 0.6% — low, reflecting both the earnings drop and the company’s stated priority of reinvesting in its manufacturing “master plan” (our calculation).
The policy is normally to distribute 30%–35% of net earnings, but management deviated downward in both 2023 and 2024 to fund capital expenditure.
The half-year balance sheet at 30 June 2024 showed total assets of SRD 308.6 million (US$309 mn) against total equity of SRD 151.8 million (US$152 mn), implying a debt-to-equity ratio of roughly 1.0× — meaning for every dollar of owners’ equity, the company carried about the same in liabilities (our calculation).
What it is doing now
The company is investing heavily in a capital “master plan” to expand and modernise its factory; the 2025 operational plan and capex budget were approved by the Supervisory Board in October 2024. Long-term borrowings jumped from SRD 25.0 million (US$25 mn) at end-2023 to SRD 62.6 million (US$63 mn) by June 2024, reflecting this investment push.
Suriname’s government cut electricity subsidies and temporarily suspended import-duty exemptions for manufacturing investments in 2024, both of which raised production costs mid-cycle. VSH FOODS nonetheless remains market leader in Suriname’s edible-fats segment and is pushing to recover lost ground in Caribbean export markets — where it faces intensifying competition — in 2025.
What to watch
- Leadership: Whether Bianca Weekes-Klaverweide’s appointment as full Managing Director at the May 2025 AGM was confirmed, and the strategic direction she sets.
- Currency risk: The Surinamese dollar (SRD) depreciated from SRD 37.00 (US$37)to the US dollar at the start of 2024 to SRD 30.97 (US$31)by June 2024 — raw materials are priced in US dollars, so any further move squeezes margins directly.
- Capex payback: The heavy borrowing for the factory master plan must show up as production capacity and cost efficiency within the next two to three years, or debt will weigh on an already-compressed profit.
- Export recovery: The SSX trades only twice a month, making VSH FOODS illiquid by international standards — any material positive news on export volumes or margins could move the share price sharply on the next session.
Sources
- N.V. VSH FOODS Annual Report 2024 (PDF, published 16 June 2025) — primary financial statements, board and management, dividend, ownership
- N.V. VSH FOODS First Half Year Report 2024 (PDF) — SRD income statement, balance sheet, management commentary
- VSH FOODS corporate website — company history, founding year, founder, product range
- Suriname Stock Exchange (SSX) — last traded price SRD 535, (US$535)index, listed companies
- VSH United Group — parent company page, VSH FOODS segment
This is news, not investment advice.
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