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ANSA McAL Earns $706M

 


 


ANSA McAL’s Group Chairman, A. Norman Sabga, (left) chats with ANSA McAL’s Chief Operations Officer, Gerry Brooks (right) and ANSA McAL’s Sector Head – Media, Retail and Services David G. Inglefield after the presentation of the Group’s Financial Results at the ANSA McAL Head Office – TATIL Building, Maraval Road.


 


ANSA Mc AL Chairman, A. Norman Sabga, yesterday said that the group of companies earned $706 million after tax during the 2011 financial year and delivered revenues of $5.27 billion, which were up by four per cent over 2010. Sabga made the statement while presenting the audited financial results of ANSA McAL at the group’s head office at the Tatil Building, Queen’s Park Savannah, Port-of-Spain.


The report stated that cash generated from operations increased by $268 million (30 per cent) to 1.18 billion ($905 million—2010) with total assets now standing at $11.4 billion. The group reported earnings per share of $3.46.
 
According to the chairman’s note accompanying the audited financial results, ANSA McAL decided to take a $30 million impairment (non-cash) on the Almond Resorts Inc Investment in which the group has a minority (non-operator) position of ten per cent through an associated company. “This impairment is conservative as it excludes any potential sale proceeds. On a like-for-like basis, without the Almond impairment, underlying EPS actually improved by one per cent ($0.03) from $ 3.61 to $3.64.”


The report also stated that during the year several growth opportunities were progressed including the award of the BMW dealership, the repayment of $150 million of Barbados debt, the acquisition of the minority position in our Barbados business, the acquisition of the Trinmart chain of supermarkets, the acceptance of an offer to purchase the Standard Distributors Group and the acquisition of a radio broadcast licence (SLAM 100.5 FM).
 
According to the report, the Board of Directors have recommended a final dividend of $0.80 per ordinary share (2010-$0.80). This together with the interim dividend paid of $0.30 (2010-$0.30) will bring the total dividend payable to shareholders to $1.10. In answering questions from reporters after the formal presentation, Sabga said that ANSA McAL expects to begin brewing Heineken within 12 to 18 months.


He called the group’s proposed ethanol project in Guyana “the most exciting project we are looking at because the potential of ethanol production in huge.” He said the strike at TCL has affected the cost of concrete blocks produced by Bestcrete, a group company, and he called for good sense to prevail between the cement producer and the trade union as he hoped that there would a settlement “sooner rather than later.”


 


Trinidad Guardian
March 27, 2012