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Asset growth, strong cash position as Group declares $861m profit before tax

 



Delivering the ANSA McAL Group’s year end financial results for 2009 are, from left, Group Finance Director, Aneal Maharaj; Group Chairman and Chief Executive, A. Norman Sabga, Group Chief Operating Officer, Gerry Brooks; and Group Corporate Secretary, Frances Bain-Cumberbatch 


 


 


 


STATEMENT BY THE GROUP CHAIRMAN AND CHIEF EXECUTIVE,


 A NORMAN SABGA, ON THE RELEASE OF FINANCIAL RESULTS


FOR THE YEAR ENDING 31 DECEMBER 2009


 


The Group recorded a profit before tax of $861 million and EPS of 3.36 just ahead of the results posted in 2008. Net profit margins have improved by 1% due to cost containment and greater operational efficiencies whilst finance costs were managed downwards by 11%.


 


Total Gross assets grew by $880million (9%) and now stands at just over $10 billion. The debt repayment plan which commenced in 2008 continued into 2009 with a total of $400 million in debt being repaid over an eighteen month period out of free cash flows. Today our balance sheet is the strongest in the company’s history.


 


Against a backdrop of a global and regional recession and market contraction, your Group has delivered another very good performance. Whilst our Group is not immune from the international effects, we do control how we chose to respond to such events.


 


Our leadership team recognized the impact of the international crisis early and we were able to make the necessary adjustments to militate against the 5% decline in top line revenues.


 


The outlook for 2010 is another tough trading period for the international and regional economies. However your Board of Directors is confident that our operating results in the future will continue to grow and have recommended a final 2009 dividend of $0.80 (2008 – $0.70) per ordinary share. This together with the interim dividend paid of $0.30 (2008 – $0.30) will bring the total dividend payable to shareholders for the year to $1.10 (2008 -$1.00).


 


A. Norman Sabga


Chairman and Chief Executive