Members of the ANSA McAL board of directors at the group’s 86th annual general meeting at Tatil Building, Port-of-Spain on Thursday 29th May, 2015. (From left, front row) are President and CEO of ANSA McAL (Barbados) Nicholas Mouttet, Corporate Secretary Frances Bain-Cumberbatch, Group Chairman and Chief Executive A. Norman Sabga, Group Finance Director Aneal Maharaj, Chairman Emeritus Dr. Anthony N. Sabga. (At back, from left) Director W. David Clarke, Sector Head – Beverage Andrew Sabga, Group Human Resource Director Teresa White, Executive Director Ray Sumairsingh, Director Anthony Phillip and Director Mark Morgan. Photo: NICOLE DRAYTON
The ANSA McAL Group of Companies achieved $802 million in profit after tax and for a second consecutive year crossed six billion in revenue, chairman and chief executive Norman Sabga told shareholders yesterday.
Giving highlights of the financial statements for the year ended December 31 2014, Sabga said the group’s total assets now exceed $13 billion and liquidity stood at $1.3 million.
At the group’s annual general meeting at Tatil Building, Port-of-Spain, Sabga said in response to a question about liquidity from a shareholder said the group was in an enviable position “where we have too much cash.”
Finance director Aneal Maharaj later explained the group’s cash surplus position: “Cash available is close to $1 billion and I exclude the publicly listed companies in the group. There is only one borrowing third party for the group and that is last year we did draw down on a US$20 million credit line and that remains in place today.”
Maharaj said the purpose of the credit line was to source US currently to pay overseas vendors on time. He said ANSA McAL is highly selective in how it spends the $1 billion in excess cash it has at hand.
“Cash and surplus cash is not an issue. Being selective…yes we are selective in how we spend it.”
Sabga said while the group’s financial services sector declined by 23 per cent, with local and international portfolios generating $97 million less than in the previous year, there were strong gains in the automotive, trading and distribution segments.
The sectors generating the highest gross revenue were manufacturing with $2.4 million and automotive, trading and distribution with $2.7 million.
During the meeting Sabga announced that the group of companies had been re-certified as an approved employer by the Association of Chartered Certified Accountants (ACCA). He said Maharaj had been interviewed by ACCA international and featured on the front page of its magazine.
He said in the group’s annual report: “Our balance sheet has never been stronger but we are never complacent. We remind ourselves that adaptability, not just strength, is key to long term sustainability.
“In 2014, your group committed investments of $184 million ($276 million – 2013) across several sectors in business improvement and new business projects.
“Constant review of our governance and administration structures to verify best practice is maintained in our operations and is second nature in the group.”
Reporting on the group’s performance in the Barbados market, Nicholas Mouttet, president and CEO of ANSA McAL (Barbados) Ltd, said: “We are the single largest contributor outside of Trinidad and Tobago. We have done well in the last year and that was mainly due to some consolidation and restructuring of our business in Barbados.
“Despite a challenging economic environment we are bearing fruit in terms of the re-organisation of our business there.”
Taken from: Trinidad Guardian
Story by: Nadaleen Singh
Date: Friday 29th May, 2015