Powered by increased rum and Angostura Chill sales in Trinidad and Tobago, Angostura has recorded a profit after tax of $77.8 million for the first six months of 2023.
In the company’s financial report for the six-month period ended June 30, 2023, the company stated this represented an increase of $10.2 million or 15 per cent over the comparable period in 2022.
Angostura also realised revenue of $473.8 million, an increase of $13.8 million year over year.
Angostura chairman Terrence Bharath attributed the financial performance to the group’s local and international sales strategies and brand management. He noted local revenue increased by $8.9 million or three per cent to $273 million over the comparative period in 2022.
He said this was mainly driven by increased rum sales revenue of $4.8 million and Angostura Chill sales of $2.6 million.
He, however, noted that internationally despite some markets still experiencing logistics and freight issues, revenue grew by 1.3 per cent from $160.5 million for the comparative six-month period in 2022 to $162.6 million. Bitters exports increased by $3.1 million or two per cent over the previous year, driven mainly by increased sales in the US market.
The report noted that profitability has also improved with a gross profit margin of 54 per cent (2022: 51 per cent), operating margin of 21.9 per cent (2022: 19.5 per cent) and a profit before tax margin of 23.6 per cent (2022: 21.4 per cent) due to improved production efficiencies and cost management strategies.
The group said it will continue to exhibit good fiscal discipline as evidenced by a low debt ratio of 0.15 (2022: 0.16).
Total assets increased by 3.2 per cent to $1.7 billion as at June 30, 2023.