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 records landmark profit
The Ansa McAL Group has recorded a profit of more than $1 billion, the biggest in its 133 year history, chairman A Norman Sabga announced yesterday. “This is a landmark,” he said. “Our profit before tax increased by 21 per cent to $1.14 billion and revenues improved to $6.2 billion.” Sabga gave the 2013 year end audited financial results at a stockbrokers meeting at Tatil Building, Port-of-Spain Aneal Maharaj, group finance director of the Ansa McAL Group, explained why the Group had done so well: “We have eight sectors with 13 business lines and the financial sector and Guardian Media Limited 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.”
Chief operating office Gerry Brooks said it was “a moment of pride” that the Group had recorded profits of that size. “We think our businesses are well positioned in each sector for 2014 and the future and beyond. We have made significant investments in the manufacturing sector. In the chemical business we have expanded the plant by 20 per cent and that positions us in 2014 to deal with new markets. Out auto businesses did extremely well, customers have been extremely enthusiastic about the new brands. We made significant investment in our online media, properties we acquired and the radio stations. We have also seen results in the financial services sector,” he said.
Sabga added that a new state-of-the-art Ford facility would be opened in April. “That will be one of the nicest and most modern automotive facilities. We have also made a decision to open an automotive facility in Chaguanas on the highway for all our brands. That will give us more visibility and place us better in the market,” he said. “We are looking at three significant acquisitions that we have signed confidentiality agreements on and I am not at liberty to disclose but they will be significant,” he said. The chairman said earnings per shar improved by 17 per cent to $4.31 up from $3.67 in the prior year.