Facing financial pressure after a year marked by rising costs and declining overseas revenues, Derrimon Trading has begun executing a sweeping internal reset aimed at cutting debt, shoring up profitability, and accelerating the growth of its local brand portfolio.
The turnaround is being led by Ian Kelly, who transitioned from CFO to CEO in January 2025. With a firm focus on operational efficiency and capital reallocation, Kelly is steering Derrimon toward a more disciplined financial posture. A key part of that strategy involves exploring the partial sale of selected assets—moves intended to free up capital and fund targeted growth initiatives.
“We are evaluating a few strategic divestments,” Kelly revealed. “Not because these assets are underperforming, but because the current market conditions demand a leaner, more agile approach to capital management.”
The company’s structure will remain diversified, but with more deliberate execution. Kelly emphasized that Derrimon’s multi-sector model—spanning food retail, distribution, manufacturing, and international holdings—remains an asset, not a liability. “Diversification saved us during the pandemic,” he noted. “It’s not something we abandon—it’s something we manage smarter.”
The group’s foreign businesses, particularly its U.S.-based supermarket operations under Marnock LLC, have faced challenges. A roof failure at its New York warehouse halted wholesale operations, dragging overseas revenues down by 26% in the most recent quarter. Yet at home, the outlook is brighter. Retail and distribution in Jamaica surged 39% in revenue, driven by stronger customer engagement and better in-stock availability.
Derrimon’s March quarter results showed signs of stabilization: group revenues reached $4.3 billion, and operating profits rose 22% to $245 million. Still, debt-servicing burdens and a $462 million impairment have kept net earnings subdued.
Kelly’s recovery blueprint also includes a stronger emphasis on homegrown brands. The company is ramping up its Spicy Hill and Delect product lines, pivoting from bulk commodities to higher-margin, fast-moving consumer goods. These include locally made seasonings, sauces, soups, and pantry staples—all part of a broader push to own more shelf space.
“When a customer walks into a supermarket and sees an entire section covered by Spicy Hill and Delect, that’s where we’re winning,” said Kelly. “It’s no longer just sugar, rice and flour—we’re creating brand recognition with a full basket of Jamaican-made goods.”
As the company repositions for the road ahead, leadership appears aligned on a clear goal: restore financial strength, elevate product relevance, and tighten its grip on the local market. Kelly’s tenure is already shaping up to be defined not by expansion, but by refinement—and results.
