A legal battle is brewing over the financial information provided to Parliament last week about payment made to attorneys by the Ministry of the Attorney General for legal and other technical/profe
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ANSA McAL’s diversity is its strength—Sabga
The ANSA McAL Groups’s record profits of more than $1 billion shows its diverse sectors are in a strong position, said Gerry Brooks, chief operating officer of the ANSA McAL Group.
“We are in a strong cash position, good capacity. Many of our investments leave us in a good position strategically and competitively to be able to replicate earnings on a day by day, month by month, quarter by quarter basis. We think our businesses are well positioned in each sector for 2014 and the future and beyond,” he said.
Brooks spoke last Thursday at the results of the 2013 year end audited financial results at Tatil Building, Maraval Road, St Clair.
Norman Sabga, chairman of the ANSA McAL Group, gave indicators of the performance.
“Our revenues are up six per cent, and for the first time in the history of the group, we have made over $1 billion in profit and this is a landmark. Our profit before tax increased by 21 per cent to $1.14 billion and revenues improved to $6.2 billion,” he said.
According to the chairman's statement, earnings per share (EPS) improved by 17 per cent to $4.31 up from $3.67 in the prior year.
Aneal Maharaj, group finance director, who was present at the AGM, drew some examples of why the Group has done so well.
“We have eight sectors with 13 business lines and the financial sector and Guardian Media Ltd have done remarkably well. The automotive sector has performed beyond our expectation. All of the geographical territories have done well. Guyana has done well. In Barbados, our business has continued to struggle because of the sluggish economy. However, we have confidence that the growth will return. So the growth is coming from the financial sector, the media and the automotive sector. In many of the distribution companies, there has been growth as well,” he said.
Nicholas Mouttet, president and CEO, ANSA McAL Barbados, said despite tough economic conditions in Barbados, they have managed to survive there.
“Barbados is facing difficult times and despite this, over the last couple years, we have been doing quite a bit of restructuring. We have been reducing our operating costs in Barbados and our profits are actually up year-on-year and the debt is reducing. But we do have significant plans ahead and we want to reinvest there and grow our business. It is a challenging environment, but we are doing well, relative to the conditions there,” he said.
“In addition in Barbados, we actually closed our flagship supermarket and we are going to open at a next location. I do not want to announce the location now. There we will have greater efficiencies and cost that we have taken out of the operation. We continue to exist in our existing operations,” Mouttet said.