Jamaican Teas Limited, headquartered in Kingston, Jamaica, is a holding and management services company with several subsidiary companies. These include a Manufacturing Division (Caribbean Dreams Foods Limited), Retail Division (Bay City Foods Limited), Real Estate Division (LTJ Managers Limited), and Investment Division (KIW International Limited and QWI Investments Limited). Since its listing on the Junior Market in 2010, Jamaican Teas Limited has evolved significantly, posting an annual revenue of almost J$3.2 billion and a net profit of over J$200 million in 2024.

Founded in 1967 as Tetley Tea Co. (Ja) Ltd, Jamaican Teas Limited initially produced only black tea. In 1995, Adeeb and John Mahfood acquired the company, launching the Caribbean Dreams brand. Subsequently, the product range expanded to include herbal teas, instant mixes, and pantry items. Today, Jamaican Teas is the largest producer of teas in the Caribbean, exporting 60% of its products to various markets.

Jamaican Teas’ decision to list on the Junior Market of the Jamaican Stock Exchange in 2010 was driven by the need for external financing. Before going public, the company faced challenges such as high-interest rates and conservative banking practices. The Junior Stock Exchange offered incentives like a five-year tax-free corporate tax holiday, which attracted Jamaican Teas. Despite challenges like cultural hesitation and tax break controversies, the company realized benefits such as tax savings, improved banking relationships, and increased company profile.

Mindset:

Before 2010, Jamaican Teas operated as a traditional family business. The introduction of the Junior Market of the Jamaican Stock Exchange and its tax benefits prompted a shift in mindset. The company recognised the limitations of private ownership and the benefits of external scrutiny and guidance. This shift involved embracing transparency, shared ownership, and strategic growth.

Market:

Jamaican Teas places importance on addressing local needs and preferences. The company recognised a market gap for traditional herbal teas as Jamaica urbanised. By developing the Caribbean Dreams brand, Jamaican Teas catered to local demand and expanded its market reach.

Jamaican Teas contributes significantly to the Jamaican economy through job creation (it employs over 170 people), stimulating the stock exchange, generating tax revenue, driving export growth, and fostering local business development.

Main Insights

Jamaican Teas’ growth journey highlights the importance of adaptability, working with government initiatives, social and cultural awareness and an openness to equity finance. The company’s experience demonstrates the benefits of listing on the Junior Stock Market, including increased discipline, improved banking relationships, and enhanced company profile. 

Planning and creating the right infrastructure is essential to going public, and overcoming initial hesitation is crucial to embracing external investment.