March 19, 2021

With the first phase of its super store and warehouse development at 76 Molynes Road almost complete, FosRich Company Limited says it is working assiduously to have the full project completed and fully operational by 2022. Managing director of FosRich, Cecil Foster, said that the mega development project, which is to be fully financed from private equity funding, is to further assist the company with strategically building out its growth objectives over the next few years.   “The development is going to be pretty huge in value and will run over a billion dollars of which we are working with a strong pension fund on that. We expect the entire project to be completed by year 2022.   “What we are building next door is a state-of-the-art distribution and super store. What will happen is that the 30,000 square feet of distribution centre will be ready in the next few weeks for us to move in and then we do the front part which is going to be a 110,000 square feet four stories high of super store, offices and other spaces,” he told the Business Observer at a forum held recently.   The new space, which is located just across the road from its current flagship operation on Molynes Road, Kingston, is to be retrofitted with shops and stores to be subletted to different operators including business process outsourcing (BPO) entities, restaurants, gyms and other spaces befitting modern business requirements.   “We are already receiving significant interest from entities to occupy the spaces. The space is being built for these businesses to occupy for their own purposes,” Foster said.   The over 25-year-old company, which the managing director said was started in harsh economic times from a small space at the back of Princeville Plaza in St Andrew, has over the last few years seen exponential growth and is also now a publicly listed company on the junior market of the stock exchange securing annual revenues of over $1.8 billion. In its last financial year ended December 2020, the company recorded net profits of $125.6 million — a $16 million increase over that of the previous year. “FosRich started with two people and we have grown to become a company with almost 150 staff members 26 years later, with about 11 different locations across our business and warehouse spaces, we are now the local partners for international companies including Phillips, Siemens, Nexans, and more recently Huawei,” he added.   The lighting and electrical company, which in recent years has ventured into other services to include transformer repairs along with the manufacture of PVC pipes and conduits, said that it was looking forward to secure more growth for the future.   “Going forward, with our 2026 plan, which kicks off next year — we will look to see how we can fund other plans for the future,” Foster said.

Kingston Wharves Limited (KWL) recently unveiled Click N Collect to its freight forwarders and shipping agents stakeholder group. The service is a simplified cargo clearance option to satisfy the growing demand for a contactless pre-clearance and door-to-door delivery for personal shippers sending barrels, boxes, pallets and other less than container load (LCL) cargo. Working with partner agents and customs brokers, Click N Collect provides an e-services portal where customers can pay agent fees, customs charges and KWL charges online in a single payment window, and schedule the pick-up of their cargo, without physically navigating the cargo clearance process themselves. Those personal shippers who are unable to access the service through their shipping agent may contact KWL directly. KWL Chief Executive Officer Mark Williams disclosed that Click N Collect was another step in the company’s move to leverage the use of digital technology to streamline processes and revolutionise the cargo clearance process in the sea freight industry. “Alternatives to the traditional cargo clearance process is an important investment for us as a company as we find new ways to make the process more efficient and safer; introducing a contactless system is an imperative in the face of disruptions caused by the COVID-19 pandemic,” the CEO said. He continued: “Freight forwarders can now reposition shipping by sea with a high level of convenience that personal shippers associate with air freight. Partners and customers processing cargo through KWL now have a more convenient option to navigate the shipping clearance process.” The initiative provides a platform for freight forwarders and shipping agents to significantly expand their pre-clearance and door-to-door delivery services by leveraging the back-office clearance resources KWL has made available to ensure a seamless service,” Williams noted. Commissioner of Customs Velma Ricketts-Walker has applauded the new KWL cargo clearance measure. “The Jamaica Customs Agency welcomes and supports the initiative as it is in sync with the agency’s drive to facilitate trade through simpler, quicker, and more efficient processes,” Ricketts-Walker said. Kingston Wharves’ Corporate Services and Client Experience Manager Simone Murdock, giving details on the new cargo clearance service, explained that Click N Collect can be accessed at KWL’s e-services website – www.eservices.kingstonwharves.com A single window for personal shippers importing cargo through KWL partner agents, the site also houses KWL’s electronic payment options, provides information on charges, and details on KWL’s bank transfer service which allows for direct deposit to its account.