Honey Bun Chief Marketing Officer Miss Krystal Chong explain to the Jamaica Stock Exchange’s General Manager, Mrs. Marlene Street Forrest about Honey Bun’s new “Perfect Buns”, as Honey Bun CEO and Chairman, Michelle and Herbert Chong look on.
On Tuesday, May 1, 2012, Honey Bun unveiled its new slate of products to the public at a Product Launch and Bell Ringing Ceremony at the Jamaica Stock Exchange. It is almost a year to the date that Honey Bun was listed on the Junior Market and they were back at the Exchange to launch their “Perfect Bun” to the Jamaican and international consumers.
According to Mrs. Marlene Street Forrest, General Manager of the Jamaica Stock Exchange, “We are pleased that Honey Bun has demonstrated that the equities market not only assist companies who come to list with the ability to raise funds but in fact stimulates the growth and development of these companies, and by extension, Jamaica”.
She went on to inform the audience that, “in particular, we have noted with interest that our Junior Market companies are blossoming and growing through expansions in their product lines and manufacturing capacity and are establishing themselves as forces to be reckoned with even in the export market. Honey Bun has assisted in the improvement of the country’s export earnings by increasing its export sales by 75% for the 1st Quarter ended December 2011 when compared to the same quarter of the previous year. Having accomplished all of this during the first year of listing, in addition to being the recipient of the Jamaica Manufacturer’s Award for Competitiveness and the Buy Jamaica Build Jamaica Award, I have no doubt that these sweet successes have propelled them to do more”.
Mr. Herbert Chong, Chairman of Honey Bun, stated that, “Honey Bun’s strength is in our products, its development and our efficient and consistent manufacturing quality. This is what creates consumer demand and maintains customer loyalty. Since listing, many activities for growth have been in the pipelines and “Product Development” has been a particularly busy unit. This is where market analysis is done, room for growth is determined and products are developed to meet the demands of consumers. We have a number of products about to roll out, the first of which I’m particularly excited about and which is our “Perfect Bun” line of product”.
Miss Krystal Chong, Chief Marketing Officer of Honey Bun, told the audience that “Honey Bun, being a leader in baked snacks, and a company who researches and understands the Jamaican’s taste profile to a “T”, had heard of many bun complaints over the years and across the board. Last year, after listing on the Exchange, we spoke to product development as one of our main areas for investment and growth. Coming up to Jamaica’s 50th Anniversary we focused this investment heavily in product development and consumer research to modify our bun formula to be that ‘perfect bun’ as consumers have craved over the years. Countless hours were used tastings and testing island wide to determine exactly what the ‘perfect’ texture and the ‘perfect’ blend of flavors were”.
Honey Bun was listed on June 3, 2011 and since then the Company has seen for the first quarter ended December 2011 an increase in sales by 6% compared to the same quarter of the previous year and an increase in net profit of over 217% to $9.8 million when again compared with the same quarter of the previous year.
