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Fosrich reports $235 million profit for 2023

Electrical and lighting company Fosrich is reporting a $235 million profit for its 2023 financial year.
 
The post tax earnings for the period ended December, were lower than the $325-million profit for 2022, with igher administrative, finance and depreciation costs tempered the results, according to the company.
 
The lower profit was despite higher revenues year over year. Fosrich made $3.7 billion, compared with $3.37 billion in 2022.
 
The company said its product lines saw increases in sales, especially for Hardware Products, which grew by 59 per cent.
 
Coming into 2024, Fosrich is expecting to complete its new Molynes Road corporate office and showroom by the third quarter.
 
It says there are also plans to take possession of another retail outlet in St. James shortly.
 
 
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