First Look

Honey Bun appoints Yaneek Page to its Board of Directors

Breakthrough Communications | 2016-09-13 15:00:00

Mrs. Page has made a name for herself in the business sector as certified trainer serving as founder and managing director of Future Services International - a legal funding company in Jamaica.

Mrs. Page's appointment makes her the sixth board member, joining Executive Chairman and co-founder Herbert Chong, Non-executive Directors Charles Heholt, and Paul Moses, as well as Sushil Jain who also serves as mentor to the board.

CEO and co-founder Michelle Chong is also a member of the board. Mrs. Chong's leadership in conjunction with the guidance of the board has led to Honey Bun to posting $38 million in net profit for its June third-quarter or 124 per cent more than a year earlier.

The inclusion of Mrs. Page marks the first appointment to the five-year-old board of the pastry wholesaler, after the approval to appoint additional members by the shareholders at the company's annual general meeting on February 17, 2016. She is the creator and executive producer of The Innovators, a business TV series that promotes entrepreneurship development and aims to transform small businesses.

Mrs. Page has received several awards, among them, the US -based Enterprising Women of the Year Winner in 2015; Female Business Leader of the Year in 2013; and a NationBuilder award in the category Women in Business in 2011. She was also an awardee of the Gleaner/PSOJ 50 Under Fifty awards in 2012, which honoured business leaders under 50 years old shaping Jamaica's future.

She holds a Bachelor of Science degree in Management Studies and a Master of Science degree in Development Studies with a concentration in Social Policy from the University of the West Indies. She has also served as an executive of the Women Entrepreneurs Network Caribbean, a regional network of women in business spanning 10 Caribbean countries.

Making Sweet Profits
During this third quarter Honey Bun became the first Jamaican bakery to be HACCP certified, representing its commitment to international food safety standards. Honey Bun was also recognised by the Jamaica Exporters' Association among the top 50 exporters.

Revenues for the three months ended June totalled $296 million, 36 per cent more than the $217 .5 million posted in the comparative quarter in 2015.

For the three months ended June 2016, Honey Bun posted $94.4 million up from $80.4 million in the comparative period in the previous year.

The Company listed on the Jamaica Stock Exchange Junior Market on June 3, 2011. Therefore, June 2, 2016 marked five years of being listed and also marked the end of our 100 per cent exemption from corporate income tax.

Consequently, the company paid out $1.6 million in taxes for the quarter ended June 2016, compared to the $30,000 it incurred in the corresponding period in 2015.

From June 3, 2016 onward for five years, the company's earnings will be subjected to 50 per cent of the normal corporate income tax rate.

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