Despite the Trinidad and Tobago economy opening up again, the lockdowns during the third quarter resulted in Ansa McAl Limited’s revenue declining by three per cent to TT$1.46 billion ($33.46 billion).

The regional conglomerate, which operates in a variety of sectors, explained in the report to shareholders that the results were impacted by extended shutdowns in its domestic market as well as Barbados and St Kitts & Nevis. This resulted in the beverage sector taking the greatest impact during the period from the restrictions implemented in the quarter. Its Carib Beer USA operations benefitted from a 21 per cent volume growth which came from the reopening of theme parks in Florida.

The report also attributed Berger Paints (Jamaica) Limited’s six per cent volume growth to the company’s rebranding strategy with further anticipated growth in its chemical business. Its distribution business in Guyana’s new go-to market model has surpassed on expectations.

Due to increased costs and lower earnings, operating profit declined by 15 per cent to TT$177.78 million. With its share of loss from associates and joint ventures increasing by 209 per cent to TT$8.43 million, the group’s profit before taxation came out 20 per cent lower at TT$157.33 million. Though consolidated net profit was TT $110.15 million, the net profit attributable to owners fell by 19 per cent to TT$94.37 million.

Despite the weak third quarter, the net profit attributable to owners for the nine months remains up by 43 per cent at TT$284.57 million. Insurance and financial services was the best-performing segment as profit before taxation rallied by 105 per cent to TT$218.95 million. Automotive, trading and distribution delivered TT $91.42 million while the manufacturing, packaging and brewing segment reported a slight increase to TT$174.13 million. The media, retail services and parent company saw a higher loss before taxation of TT$22.66 million.

Total assets increased by nine per cent to TT$17.04 billion while shareholders equity improved by 1 per cent to TT$7.94 billion. This growth in total was driven largely by the acquisition of Bank of Baroda (now Ansa Bank Limited) during the first quarter. Its subsidiary Trinidad and Tobago Insurance Limited recently entered into a lockup agreement to acquire up to 100 per cent of Colonial Fire & General Insurance Company Limited with 94.24 per cent secured from CL Financial Limited. The overall Ansa McAl group has achieved a 77 per cent employee vaccination rate with employees returning to the office on a rotational basis.

— David Rose