There was a five per cent increase in ANSA McAL’s Group Profit Before Tax (PBT) for 2018 when compared to 2017. PBT increased to $1.017 billion up from 2017’s $968 million.
This according to the group’s Executive Chairman, A Norman Sabga at the ANSA McAL’s Group’s 90th Annual General Meeting held at the Radisson Hotel, Port-of-Spain.
Sabga said revenues were up 2 per cent to $6.39 billion compared to $6.24 billion for 2017. The Earnings Per Share (EPS) improved by 12 per cent to $3.54 in 2018 when compared to 2017’s $3.15.
According to the Group’s report, the results were impacted by gross claims of $20 million in its general insurance company arising from a magnitude 6.9 earthquake and severe flooding in low lying areas in Trinidad in October.
The report also stated that there was $42 million in one time impairments arising out of the Barbados economy and debt restructuring by the Government of Barbados.
The shortage of foreign exchange in T&T’s market negatively affected business activity the Report also noted.
Andrew Sabga, Group Chief Executive Officer, who spoke during the AGM, said the Board approved a dividend increase in 2018 from $1.50 to 1.80 per share.
“This represents a 20 per cent increase in dividends and is one of the largest dividend increases in corporate history in T&T. That means that the Group would pay out $310 million or 43 per cent of profit After tax.”
Norman Sabga, Chairman of the ANSA McAL Group, also said that despite the country’s tough economic times of the last five years, the Group had performed well.
“The last five years have been fairly difficult years in terms of profitability. We have been holding and growing our profits in low digits on an annual basis, but we have been growing them. Last year, our profit before tax was 5 per cent and the dividend has significantly gone up where we are paying forty-something per cent of our dividend. I believe going forward, our performance in terms of earnings per share will improve and based on that, I believe our share price will increase.”
According to the report, the Group sees substantial growth potential regionally for the automotive, beverage, and financial services sectors and have already begun executing their strategies to achieve this objective.
These diverse investments include investments in Tilawind SA Wind Farm in Costa Rica, the Group commenced the process to acquire Trinidad Aggregate Products Limited, which was completed in the first quarter of 2019 and Carib Glassworks began production of the One Litre Carta Blanca bottles to its newest client in Cuba.
Article Courtesy – Raphael John-Lall
Trinidad and Tobago Guardian