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ANSA McAL Group Chairman and Chief Executive – Mr. A. Norman Sabga (left) compares notes with Chief Operating Officer – Mr. Gerry C. Brooks at the ANSA McAL shareholders meeting on Wednesday 13th August, 2014 at TATIL Building, Port-of-Spain. PHOTO: SHIRLEY BAHADUR
ANSA McAL profits grew 25 per cent in the second quarter (Q2) of 2014 compared to the same period last year, according to unaudited results released by the group’s board of directors yesterday at the Tatil building in Port-of-Spain. “I am pleased to report Q2 results are significantly improved over Q1 2014,” Group Chairman and Chief Executive – Mr. A. Norman Sabga said in his statement introducing the results. The group’s Q2 2014 profit before taxation was $240 million versus Q2 2013’s $191 million.
“Our half year results showed profit before taxation of $414M ($405M–2013) up two per cent over the prior period and earnings per share (EPS) at $1.59 rose 3 per cent,” Sabga said. EPS in for the same period in 2013 was $1.55.
“Your group is now ahead of last year and we are confident of achieving our full year target. Your directors have approved an interim dividend of $0.30 per share (same as 2013) which will be paid on November 7, 2014,” he said. In accordance with section 110 (1) (a) (i) of the Companies Act 1995, the directors have fixed October 24 as the record date for payment of this interim dividend. The register of members will be closed on October 27 to October 28, 2014, both days inclusive.
The group’s total assets also grew year-on-year (y-o-y), from $11.61 billion as at June 30, 2013, to $12.24 billion as at June 30, 2014. Revenue grew also but only marginally from $2.893 billion in for the first six months of 2013 to $2.898 billion in the same period this year. Revenue in Q2 2014 inched up from $1.45 billion in Q2 2013 to $1.48 billion.
The group’s operating profit looked better in a Q2 2014 versus Q2 2013 comparison than in the half year comparisons for the period. In Q2 2014, operating profit was $246 million while Q2 2013 was $199 million. For the first half of 2014 operating profit had a $6 million uptick from $418.8 million from the first half of 2013 to $424.8 million. Total gross revenue looked better by segment with all segments growing except “automotive, trading and distribution.”
Total gross revenue for manufacturing, packaging and brewing climbed from $1.08 billion as at June 30, 2013 to $1.16 billion as at June 30 this year. Automotive, trading and distribution total gross revenue fell from $1.31 billion in 2013 to $1.28 billion this year. Total gross revenue for insurance and financial services grew from $370 million to $396 million. Total gross revenue for “media, services and parent company” grew from $554 million to $597 million.
In his wrap up, Sabga noted that the group has “strong Q2 profit before taxation (PBT) performance,” and that the T&T economy is expected to continue to grow. He said “regional economies (are) still underperforming” and mentioned that “financial services investment portfolios (remain) volatile.” However, he said he was “confident of delivering our full year targets.”
Responding to a question from the floor about the possibility of ANSA McAL “rebranding” and placing the name ANSA before all its companies as Massy has done, Sabga said: “We’ve done what they have done, so they’ve done the right thing. I can only compliment them.”
He said rebranding was done about ten years ago, adding that “they’ve done a good job at execution” of their re-branding. He said, however, some companies within the ANSA McAL Group have names that date more than 100 years, so there will be no change to the Guardian, Carib and other “iconic brands” throughout the Caribbean. He quoted fellow director Andrew Sabga who said that in the case of Carib, the brand value may well exceed the asset value.
Published: Thursday 14th August, 2014
Taken from: Trinidad Guardian Newspapers
By: Aleem Khan