RAWILL Doubles Q3 Profits Despite a Surge in Direct Costs

• R.A. Williams Distributors Limited (RAWILL) posted net profits of $33.51Mn for the third quarter ended January 31, 2026 (Q3 FY2026), more than doubling the $14.17Mn earned in the prior quarter.
• Q3 revenues surged 23.2% to $541.94Mn compared to $438.90Mn in the corresponding quarter of the prior fiscal year. However, gross profits improved by just 5.4% to $215.12Mn owing to a 39.2% jump in direct costs.
• Nonetheless, driven by a significant reduction in administrative and general expenses, operating profit rose 85.0% to $52.87Mn. Administrative and general expenses fell 13.9% to $98.68Mn, which management attributed to its active drive to improve cost control, an area it outlined in Q2 would be the core focus.
• Despite the strong third quarter, it was insufficient to lift the company's 9-month figures. 9M net profit fell by 78.1% to $4.76Mn as revenue growth (+21.0%) was overrun by higher costs. Revenues grew 21.0% to $1,443.95Mn, but operating profit declined 25.9% to $60.61Mn. Higher, direct costs (+36.8%), operating expenses (+8.4%) and finance costs (+6.4%) all contributed to the weak nine-month performance and reinforce that cost containment will be critical to sustaining profit growth.
• On the revenue front, management has indicated continued focus on deepening market penetration, expanding into new therapeutic and wellness categories, and strengthening engagement with healthcare professionals across Jamaica.
• RA Williams is a pharmaceutical distributor and health solutions provider, distributing local and international pharmaceuticals to pharmacies and health institutions across Jamaica and the region. It was listed on the Jamaica Stock Exchange’s Junior Market in August 2024. Its stock price has increased by 8.1% since the start of the year to close at $0.40 on Thursday, March 19, 2026.

(Sources: R.A. Williams Distribution Limited Financial Statements & NCBCM Research)