Mr. A. Norman Sabga – Group Chairman and Chief Executive of the ANSA McAL Group of Companies speaks about the Group’s 2nd Quarter Results at the Stockbrokers Meeting held at TATIL Building on Tuesday 13th August, 2013. Seated with Mr. Sabga (from left): Mrs. Frances Bain-Cumberbatch – Corporate Secretary & Group Head of Legal, Mr. Aneal Maharaj – Group Finance Director and Mr. David Sabga – Deputy Chairman of the ANSA McAL Group of Companies.
The ANSA McAL Group declared on August 13, 2013 profit after tax of $310.1 million for the six-month period ending June 30, which was 9.3 per cent higher than the comparable amount in 2012, the conglomerate’s chairman and chief executive, Norman Sabga, announced yesterday.
Speaking at a stockbrokers’ briefing at the company’s head office on Maraval Road in Port-of-Spain, Sabga said ANSA McAL’s revenues for the half year increased by 7 per cent to $2.89 billion from $2.69 billion. The group’s finance costs for the six-month period in 2013 totalled $6 million, compared with $53.6 million in the same period in 2012. The conglomerate also saw its profit before tax increasing by 9 per cent to $405.4 million in the 2013 half year from $370.9 million in the comparable period in 2012.
ANSA McAL’s manufacturing, packaging and brewing segment contributed $178.9 million or 44 per cent of the group’s profit before tax figure, which was 8 per cent more than the $165.6 million reported in 2012. Sabga said the group’s $400 million investment in a new clay block plant had come on stream with the target for supplies to the market being the third quarter of this year. He also said the group was experiencing growth in both of its main beer brands, Carib and Stag.
Sabga said the automotive, trading and distribution segment reported a 46 per cent hike in its profit before tax contribution to $90.7 million from $62.1 million. This increase Sabga attributed to the increase in sales of vehicles, which he said indicates that the economy is quite buoyant. Asked what were his expectations for the 2014 budget, the ANSA McAL chairman said he does not expect any new taxes or any “tremendous surprises” in the package to be read by Finance Minister Larry Howai on September 9.
“Whatever is being done to stimulate the economy seems to be working. I would hate to see anything in the budget that disturbs that,” said Sabga. He also said that the decision in the 2013 budget to reduce the subsidy on premium gasoline may not have been as effective as an increase in fuel prices across the board.
August 14, 2013