Angostura revenue, exports grow by double digitsWednesday, April 07, 2021
BY DAVID ROSE
Even with bars and restaurant sales down due to the restrictions imposed by the Trinidad and Tobago Government, Angostura Holding Limited's (AHL) innovative strategy has led to successful gains.
Group revenue grew by seven per cent to TT $905.4 million (J$19.8 billion) with exports to the United States of America (USA) growing by 32 per cent for the period ending December 31, 2020.
The Trinidadian rum and spirit maker, which once owned Lascelles DeMercado Limited in Jamaica, had a strong fourth quarter as its revenues climbed by seven per cent to TT$331.3 million (J$7.2 billion).
Its bitters segment got a strong boost from the cocoa bitters flavour which propelled the brand to grow by 19 per cent to TT$213 million, an increase of TT$34.5 million. The group was able to sell its cocoa bitters in over 1000 Walmart stores across the USA as at-home cocktail consumptions grew through more non-traditional market routes.
Although gross profit increased by two per cent to TT$427.1 million, the gross profit margin declined to 47 per cent mainly as a result of increased production costs and increased duty payments. The marginal reduction in selling and administration expenses plus an expected credit loss reversal saw operating profit increase by five per cent to TT$200.9 million.
Despite finance income being relatively higher for the period, the increased taxation charges resulted in net profit only increasing by two per cent to TT $145.6 million ($3.2 billion). This led to the earnings per share slightly increasing from TT $0.69 to TT $0.71.
Total assets for the group grew by nine per cent to TT$1.48 billion mainly from an 11 per cent rise in current assets. Total liabilities rose by five per cent to TT $236.5 million while equity increased by 10 per cent to TT $1.24 billion. The board declared a TT $0.30 dividend which amounts to TT $35.6 million ($776 million) with an record date of September 3, 2021.
“During this year of unplanned and unanticipated events that cowered our markets and our ability to expand our international focus as planned, we nonetheless focused on growth via innovation, and strategic profitability despite the challenges of the global pandemic. We adapted readily to evolving regulations, stipulations and protectionary measures locally, regionally and internationally, which affected supply chain, exports and consumption trends. Above all, in the face of the global pandemic, we sought to remain dynamic, to innovate and at the same time enhance and modernise our wastewater treatment plant by being environmentally conscious. This was indeed a full corporate undertaking with engagement of all our employees who, at the height of the pandemic and throughout, worked as part of a team to achieve success,” stated Chairman Terrence Bharath in his report to shareholders.
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