Chairman of the ANSA McAL Group, A. Norman Sabga, recently announced the Group’s financial results for the period ending 2008, at a meeting hosted at the Group’s Head Office, in Maraval Road, Port – of- Spain. Against the background of Global challenges and a recessionary climate both locally and globally, the Group was yet able to post revenues crossing a landmark $5billion, up 7% from the prior year, whilst profit before taxation was $861million.
The Group also has fully accounted for all un-realized losses arising, consistent with the International Accounting Standards [IAS] requirements.
Group Chairman and Chief Executive, A. Norman Sabga re-affirmed the Group’s commitment to V10, whilst referring to the Group’s diversity and geographic spread, as key factors in the provision of a broader operating base that ensures continued, consistent results.
Gerry Brooks, Group Chief Operating Officer, provided a detailed insight into the companies’ businesses and operations. Mr. Brooks also called for greater alignment of public policy and private sector policies, with a view to improving competitiveness and productivity. He emphasized that this is even more critical, in the context of stimulus packages of developing countries which are increasingly more insular and internally focused.
Mr. Brooks also re-iterated the Group’s confidence in achieving its V10 targets not withstanding a significantly harsher operating environment.
In providing an overview of the financials, Group Finance Director, Aneal Maharaj underscored the Group’s very healthy cash position, its low gearing, and enhanced working capital ratios. This he indicated provides the Group with a menu of strategic options. The Group Chairman closed the meeting by stating confidently that the Group’s operating results in the future will continue to grow, whilst espousing confidence in the team, business model, and strong portfolio and brands and services.