THE Seprod Group has released financials showing that last October’s fire at its Facey Commodity subsidiary, Facey, has razed its bottom line, sending profits tumbling 25 per cent to $2.16 billion.

The fire wiped out over 86 per cent of the finished goods inventory, which also included the Christmas stocks.

 

The Seprod management explained that while the group lost billions of dollars of inventory and infrastructure, which were all adequately insured, the company is recovering and is set to emerge as a more resilient, efficient, and committed organisation with a strong growth trajectory.

 

The Richard Pandohie-led management team emphasised that the fire “severely impacted the financial performance, as the well-documented global supply chain challenges have limited the speed of replacement of the lost inventory

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