Factories Corporation Makes Profit of $330 Million

Prime Minister, the Most Hon. Andrew Holness, says the Factories Corporation of Jamaica (FCJ) is poised to close 2017/18 in a strong financial positon, with an out-turn of $330 million.

This represents a significant turnaround in the FCJ’s accounts over a two-year period, which has seen the entity improve from a deficit of $90 million at the end of the 2015/16 fiscal year to record a positive $209-million out-turn for 2016/17

Details were provided by Prime Minister, the Most Hon. Andrew Holness, during his 2018/19 Budget Debate presentation in the House of Representatives on March 20, under the theme ‘Prosperity in Action’.

Mr. Holness attributed the FCJ’s turnaround to strengthening of the organisational structure through the implementation of a number of management capabilities and establishment of several critical departments, including Legal, Procurement, Project and Planning, and Marketing and Communications.

He indicated that new managers were employed in the Client Services, Finance, Engineering, Property Management, Procurement, and Marketing and Communication departments.

The Prime Minister said these and other activities resulted i: a reduction in operational and maintenance costs; greater accuracy in preparing engineering designs and costings, as also project implementation; the formulation of contracts providing the entity with greater safeguards; and enhanced awareness and communication with staff and the general public.

“I established a new Board of Directors (and) I issued a new mandate to them to improve governance and management controls, optimisation of fixed assets and cash assets and for the company to become a business enabler. I can stand here today and say I am proud of the FCJ Board and Management for the focused and committed way they have executed their mandate,” Mr. Holness said.