Devonshire Industries Ltd, the holding company for Bermuda Paint Company Ltd, has reported a jump in net income of more than 90 per cent year-on-year in its financial results for fiscal year 2024.

Net income for the period was $317,726, which compares with $166,537 in the prior year, an increase of 90.78 per cent.

Operating expenses fell from $958,097 to $926,448 year-on-year, a reduction of 3.3 per cent.

Net sales were up 1.67 per cent to $2,828,455 from $2,781,929.

The results were presented at the company’s annual meeting on Thursday.

Richard Moulder, general manager at Bermuda Paint, said the cost of raw materials, post-Covid, has increased by between 20 per cent and 25 per cent.

Mr Moulder said: “What we did, over a period of time, we had to adjust our pricing, and we also looked at how to reduce expenses with regard to our operations.

“We increased our selling price by 35 per cent because the 20 to 25 per cent increase in raw material prices is before being shipped. We have to pay duty on top of that.”

Mr Moulder said the company has not laid off any staff, but one employee left about 18 months ago, resulting in another staff member being promoted and taking on additional responsibilities for a higher salary, leading to a cost-saving.

Total assets were $2,394,849 at fiscal year-end, down 10.82 per cent, while net assets fell 5.18 per cent to $2,265,418.

Mr Moulder attributed the drops to a reduction of inventory in the amount of $300,000 owing to an ordering issue that meant a late arrival of inventory.

Devonshire Industries is listed on the Bermuda Stock Exchange.

It is primarily engaged in the management of the operating business Bermuda Paint, which is the manufacturer and seller of paint and related products from its premises on Watlington Road West, Devonshire.