–2011 profits in $$$ billions
STERLING Products Limited (SPL) is reporting profits of more than Gy$3 billion for the financial year ended 2011. This figure represents a 16.6 percent increase, or Gy$428.2M, over the previous year’s profits. Speaking with the Guyana Chronicle yesterday afternoon, Company Chairman Dr. Leslie Chin explained that this increase was due to several factors.
Dr. Chin told the Guyana Chronicle that, two years ago, the company undertook a major exercise of rebranding and changing several design labels of its products.
According to him, SPL is in the process of developing a policy that would guide its corporate social responsibility, and this will see the company engaging in operations that would ensure it benefits from its investments.
He also explained that SPL would be adopting  cottage industries, hopefully within the next two months.
The chairman said adopting  cottage industries is not expected to be an expensive undertaking for the company, at least not in the interim. He explained that with SPL’s present distribution network, getting the products of these communities across the country and farther afield should be relatively easy, because all it takes is some added load on a truck or container; and in relation to billing, it’s just another item added to a bill containing other items.
While that is just part of the process, the company would be paying very close attention to packaging and labelling of products for the community, because quality is of utmost importance, and this aspect would receive special attention from SPL.
The persons expected to benefit from this new direction SPL is taking would receive training, at the end of which they would be expected to understand the importance of proper and attractive designs and labels.
During the training, those persons would receive pointers and advice on how to better understand business, and what it is all about.
According to Dr. Chin, most persons involved in the manufacturing and distribution business often complain of persons not purchasing their products. He cautioned that being in that line of business requires the manufacturers and suppliers to ensure that what they produce is what customers need. Once there is a need, there is a market, he added.
Dr. Chin said SPL’s main focus at the moment would be cassava bread, because interest and demand for the product is in certain parts of Guyana, besides being within the wider Caribbean/Latin American region, and even in North America.
Sterling Products Limited is well known locally, across the Caribbean, and in some parts of North and South America for its line of products, which enjoy excellent marketing. Among those products are Golden Cream margarine, Mighty Foam powered and laundry detergents, Dish Washing Liquid, Igloo ice cream, Novelties ice cream and the company’s newest product — Royal Ripple premium ice cream.
Dr. Chin explained that the company has been involved in corporate social activities over the years, but the new initiative is geared at concentrating those activities. Sterling Products has been making contributions in the area of sports, and has been offering contributions on a regular basis to the Linden Care Foundation.
Dr. Leslie Chin has been a member of the Board of Directors of Sterling Products Limited for well over 20 years.
Sterling Products Annual General Meeting was held yesterday at the Georgetown Club on Camp Street, Georgetown.