ANSA McAL Group of Companies’ Chairman and Chief Executive – Mr. A. Norman Sabga (centre) along with Group Finance Director – Mr. Aneal Maharaj (left) and Chief Operating Officer – Mr. Gerry Brooks are all smiles as they announced the group’s 2012 year end results at TATIL building, Maraval Road, Port of Spain on Tuesday 26th March, 2013.
The ANSA McAL Group of Companies has recorded the best revenue in its history—$5.9 billion. Chief Operating Officer Gerry Brooks, who announced the Group’s 2012 financial results during a meeting at its head office, Tatil Building, Port-of-Spain, on Tuesday 26th March, 2013 said that in 2012 the Group’s revenue figure stood at $5.26 billion. Brooks said the group had a strong cash flow position, improved human resource capacity and is debt free.
ANSA McAL recorded a profit of $744 million despite a difficult and volatile international environment and an adverse regional macro environment, he added. Drawing on examples in the region, Brooks said the Caribbean had high debt to Gross Domestic Product (GDP) levels, in many cases of more than 100 per cent. In Barbados, he said, the GDP rose from 56 to 83 per cent at the end of 2012.
Brooks said 2012 was characterised by limited fiscal space, high public debt, reduced per capita income and many Caribbean governments were seeking to renegotiate their debt levels and arrangements
“In T&T we had flat GDP growth, a deficit budget of $7.billion; Trinidad Cement Ltd went on strike, which impaired our GDP levels as a country and within the construction sector. And in the first and second quarters of last year the country had an adverse industrial climate. There is evidence of this again with the Oilfield Workers’ Trade Union (OWTU) and Petrotrin.
“However, the good news is that we still have a robust macro economic environment and fundamentals with foreign exchange cover, strong liquidity, the Clico impasse was largely resolved and we have an accommodative monetary and fiscal stance.” Brooks said the Group managed to navigate the recession and economic challenges.
“We have been doing so for the past 133 years and we reassure you that the team has the capacity and resolve and ability to do it again as we move forward,” he said.
ANSA McAL’s growth
He said the $5.9 billion was partly attributed to new business growth by Standards Distributors of $190 million and Trimart of $178 million. Revenue earned from manufacturing, packaging and brewing increased from $1.9 billion in 2011 to $2 billion in 2012, an increase of $94 .1 million and an improved profit of 9.8 per cent or $43 million.
In automotive, trading and distribution, the revenue gained was $2.4 billion—an increase of $210 million from 2011. This was attributed to Guyana’s fourth year of over 20 per cent growth and the efficiencies of the distribution companies in Barbados, as well as T&T’s auto sector profits—sales with BMW as the lead contributor and excellent customer service. Brooks said in financial and insurance services, revenue moved from $747 million to $797 million, a profit of $50 million.
In the banking sector took non-cash precautionary provisions locally and regionally and had a third consecutive year of placing more than $1 billion into capital markets. Regarding the media, service and parent company, the revenue jumped from $384 million to $655 million, an increase of $270 million or 70 per cent. The Group’s Finance Director Aneal Maharaj reported the best earning per share of $3.69, “the best in the Group’s history,” as well as a good gearing ratio of 0.3 per cent.
Maharaj said the Group’s long term debt of $799 was repaid and the company is now debt free with a liquidity ratio of 1.74. The Group’s chairman and chief executive officer A Norman Sabga said the Group is experiencing growth and will continue to remain steadfast so there will be more growth in 2013.
Wednesday, March 27, 2013
Trinidad Guardian
