At ANSA McAL Ltd AGM held at the Radisson Hotel, Group CEO, Mr Andrew Sabga announced that the Group achieved its fifth consecutive year of revenues exceeding TT$6 billion. He described the 2017 figures as the “highest revenue in the history of the company”. Our Group recorded a four per cent increase in revenue, up from TT$6.001 billion in 2016 to $6.244 billion for the 2017 financial year. However, profit before tax was TT$986 million, less than the TT$1.107 billion achieved in 2016, while earnings per share (EPS) was TT$3.15 cents, down from TT$4.01 cents in 2016.
A dividend of TT$1.50 was paid. CEO told the room full of shareholders that the beauty of a diversified portfolio is that when things are tough in one sector, there were always opportunities in other areas. Mr Sabga went on to say that, “we are looking feverishly at how we can grow the areas that are not as large as the others”.
The Group produced strong operational results despite very challenging conditions in Barbados and Trinidad and Tobago. Additionally, Guyana showed improvement by exhibiting double digit growth at 11 per cent. Grenada and St Kitts grew revenue by nine percent and seven per cent respectively. Our revenues in the United States also increased significantly by twenty two percent.
Sluggish spending by consumers in the automotive and media sectors resulted in a thirteen per cent decline in profit before tax.
Executive Chairman of the ANSA McAL Group, Mr A. Norman Sabga concluded the meeting by emphasizing that the true test of a business is its resilience through the economic troughs, to adopt to changes in the market and navigate bumps in the road. This he said, was demonstrated by the Group for more than three decades.
Mr. Anthony Sabga III replaced Mr. W. David Clarke as a Director on the Board.
Corporate Communications Department
ANSA McAL Group of Companies
Tuesday 03rd July, 2018