JFP Limited, a leading commercial contract furniture and interior solutions manufacturer, is poised to make a pivotal decision regarding the allocation of multimillion-dollar proceeds from its recent property sale. CEO Metry Seaga emphasized that this decision will be instrumental in shaping the company’s strategic reset and bolstering its anticipated improved performance by 2026. Speaking to the Jamaica Observer, Seaga remained tight-lipped about specifics, stating, ‘We are on the right track, and I’m confident next year will be better — but I want to do more and say less.’
The decision comes on the heels of JFP’s improved financial performance in the third quarter of 2025. The company reported a narrowed net loss of $44.1 million, a significant improvement from the $75.4 million loss in the same period last year. This turnaround was driven by stringent cost controls and a one-time boost from the sale of land adjacent to its Spanish Town Road property. The sale significantly enhanced shareholders’ equity, which surged from $67.6 million to $329.9 million, while investments skyrocketed to $255.4 million from $7.6 million a year earlier.
Despite these gains, JFP continues to face challenges. Year-to-date revenue remains 23% lower at $257.8 million, attributed to sluggish project volumes and delayed contract executions. Total expenses for the nine-month period rose by 6%, primarily due to advisory and restructuring costs, resulting in a net loss of $56.7 million, down from $65.8 million in 2024.
In recent months, JFP has been collaborating with external consultants to reassess its business model and chart a path back to profitability. These efforts have already yielded operational improvements, including the introduction of new equipment aimed at enhancing production quality and reducing waste. Additionally, the company has embraced digital tools to streamline efficiency.
Originally established as Jamaica Fibreglass Products, JFP specializes in supplying seating, cabinetry, fitted furniture, and full-interior packages to hotel chains and restaurant operators across Jamaica and the Caribbean. As the company navigates its financial recovery, the upcoming board decision on the property sale proceeds will be critical in determining its future trajectory.