I am pleased to report that in fiscal year 2021, our Group returned to pre-pandemic profitability levels notwithstanding the enduring COVID-19 restrictions and closures.

These results are a testimony to the resilience of the Group even when faced with these unique challenges.  We are also quite proud to have been able to achieve these creditable results without any job losses arising directly from the impact of COVID-19.

With almost all segments showing an increase in profit, the Group’s overall Profit Before Tax (PBT) increased by $212 million or 29% to $935 million ($723 million – 2020). Revenue increased by $50 million or 1% to $5.970 billion ($5.919 billion – 2020). Earnings Per Share (EPS) was up by 40% - $3.45 ($2.46 – 2020) and total assets grew by 11% - $17.461 billion ($15.705 billion - 2020). The Group’s gearing ratio reduced and remains healthy at 9.1% (9.8% - 2020). Your directors have therefore declared a final dividend of $1.50 per share which will be paid on June 3, 2022.  This together with the interim dividend of $0.30 per share ($0.15 – 2020) brings the total dividend to $1.80 per share ($1.65 – 2020).

The Group reached an important milestone in 2021 as it marked 140 years of existence. Over that period, the Group has demonstrated the ability to create value for its shareholders on a consistent basis. However, for us, sustainability is not just about delivering profits and growth. We are very conscious of our duty to our employees, younger generations, investors, customers, and the broader society, to operate our businesses responsibly. It is about leaving a positive impact in the interest of all our stakeholders, such that they are better off by us operating in proximity to their community, and from having invested in us, partnered with us, worked with us and/or used our products and services. Simply put, sustainability is doing business the right way.

In 2021, the Group decided to sharpen its focus and refine its strategy to ensure that our businesses continuously increase the role they already play in alleviating major environmental and social issues.

A key aspect of developing our new sustainability framework was defining why we exist, which culminated in the creation of our new Company Purpose:

“Inspiring Better Choices for a Better World”.

The common motivation that permeates our Group is that we all want to create a better future for people. There is also an acknowledgment that the choices we make today determine how we will live tomorrow.  The size, nature and diversity of our businesses give the Group the unique opportunity to contribute substantially to building a brighter future for a wide cross- section of people and businesses. We believe that sustainability, if done correctly, is good for people, the environment and the bottom line.

In that context, the Board contributed to, reviewed and approved the Group’s Sustainability Business Priorities which are aligned to the UN Sustainable Development Goals (SDGs). Using an Environmental, Social and Governance (ESG) lens, the Group has elected to deepen existing efforts within its own businesses in the areas of water preservation, waste reduction, climate impact, modern energy, people and communities, and corporate governance. The world has never had a clearer understanding of the social and environmental issues that threaten our existence on this planet. The need for action has never been greater.

As the COVID-19 virus appears to move from pandemic to endemic stage, and the world takes definitive steps to return to normal life, we see significant opportunity for our Group.  Even during the current uncertain times, we continue to invest in our people, plant, equipment, and technology for the future. In addition, when making decisions, we have and will remain steadfast to our stated core values: Employee Centred, Customer Excellence, Creativity and Innovation, Social Responsibility, Respect and Trust. The combination of all of this and the Group’s strong balance sheet allows us to drive good growth and properly manage our capital as we have consistently demonstrated over our
long history.

In closing, I would like to extend my heartfelt thanks to our 6000 employees for their fortitude and resilience during the year, as well as our customers and suppliers for their business and continued trust. To you, our shareholders, we are deeply appreciative of your support and encouragement and look forward to building an even more rewarding future together.
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A. Norman Sabga LLD (Hon.) UWI; (H.C.) UTT
Executive Chairman