The December 1 fire at the house of Angostura did not dim Angostura Holdings Limited’s profits as the company once again topped $1 billion in revenues for the year ended December 31, 2023.
The company reported increased profits and revenues in its summary consolidated financial statements for period.
Angostura recorded after-tax profit of $151.9 million for the year, which represented an increase of 4.64 per cent compared to the $145.2 million the rum and bitters company earned in 2022.
The company’s profit before tax in 2023 was $220 million, which was 7.84 per cent more than the $203.9 million it declared in 2022.
Chairman Terrence Bharath said, “This represents an improvement in our profitability ratio by 100 basis points to a 20.8 per cent profit before tax margin.”
He also noted the company secured back-to-back revenues topping the billion dollar mark.
Bharath said, “The company delivered a robust performance, as we confidently steered Angostura through the normalisation of the spirits market post the COVID-19 pandemic. Building on last year’s historic achievement of surpassing the one-billion-dollar revenue mark, revenues reached $1.05 billion in 2023, growing by $26 million or 2.5 per cent.”
He said, “This accomplishment was mainly driven by our successful internationalisation strategy, which led to 76 per cent of the company’s year-on-year growth. This was fuelled by key marketing investments driving revenue growth of 13 per cent for iconic Angostura® Bitters in the USA, whilst rums, 69 per cent being premium rums, continued to gain traction around the world, with nine per cent growth.”
The Angostura chairman pointed out in his statement that the Angostura brand is among the top ten trendiest rum brands, according to Drinks International, with the innovative Angostura Tamboo® spiced rum leading the way.
He also noted the Caribbean and Latin America markets also achieved strong revenue growth with increases of 12 per cent and 16 per cent, respectively, while Angostura® Chill continued to perform above expectations in the Caribbean region with revenue growth of four per cent or $14 million.
The local market also saw improvements, as Bharath explained, “Revenue from the local market grew by $10.7 million or 1.6 per cent, driven by the strategy to recapture consumer demand by investing in the on-trade and at Solera, our retail chain, which both achieved solid single-digit revenue growth complemented by a new Solera branch which was opened at Albion Plaza.
“Angostura’s premium rum range revenue grew by 11 per cent in the local market, together with the portfolio of agency brands which gained 13 per cent in the local trade.”
He also hailed continued innovation in the rums segment with the launch of Symphony 2023 Edition, which he described as “a carefully crafted and bottled masterpiece of ages, flavours and aromas”.