(Trinidad Guardian) The ANSA McAL Group of companies has returned to pre-pandemic profitability levels notwithstanding the enduring COVID-19 and restrictions and closures, the conglomerate’s chairman A Norman Sabga has said.
ANSA McAL has recorded a profit before tax of $935 million for the year ended December 31, 2021.
This was a 29 per cent increase when compared to the same period in 2020.
The group’s revenue also increased last year by $50 million to $5.97 billion.
Its Earnings per share was up by 40 per cent to $3.45 and total assets grew by 11 per cent to $17.461 billion.
And its gearing ratio reduced and remains healthy at 9.1 per cent.
But the conglomerate did not achieve this by luck or chance ANSA McAL’s Chief Executive Officer Anthony N Sabga III has said.
“It is from diligent management and prudent guidance of the business by our leadership teams we were able to produce what we were able to produce a genuine testament to our continued resilience and strength and power of our organisational capability,” CEO Sabga said in a virtual stockholders’ meeting yesterday
And because of this chairman Sabga said he believes that this year is going to be much better than last year.
“I have no doubt that 2022 is going to be significantly better with the opening of the market,” chairman Sabga said during the stockholders’ meeting.
“Most segments showed an increase in profit led by Financial Services where there was an overall increase in investment returns. Our Distribution business strengthened its customer management model and benefited from high demand for food and cleaning products. Our Beverage sector had a strong performance in Q4 due to the lifting of some COVID-19 restrictions. These results are a testimony to the resilience of the Group even when faced with these unique challenges,” chairman Sabga stated.
“Looking ahead, the launch of ANSA Bank’s fully digital operations is on schedule for Q3 2022 and will offer a radically enhanced customer experience. The acquisition of Colfire Insurance is underway subject to regulatory approvals and will significantly bolster our insurance business. We also continue to focus on growing exports to improve foreign exchange flows. We continue to manage an expanding corporate business development and innovation pipeline with a view to creating increased economic value,” chairman Sabga stated.
CEO Sabga said apart from the fantastic financial results that were generated, there is even one more achievement that he is proud of.
“These results were generated without any pandemic related job losses,” CEO Sabga stated.
The Group’s Chief Financial Officer Nicholas Jackman said what the conglomerate is doing is building the momentum to deliver value for the long term.
Chairman Sabga said as the group grows it is also keenly aware of the need to be even more responsible in the way it conducts business.
In 2021, the group set its sustainability business priorities for the future which are aligned to the UN Sustainable Development Goals using an Environmental, Social and Governance lens.
The key areas of focus for the group will be water preservation, waste reduction, climate impact, modern energy, people and communities and corporate governance.
Chairman Sabga said in line with the group’s modern energy agenda, it is increasing its renewable energy portfolio to 90-100mw through an investment in the Monte Plata Solar Park in the Dominican Republic.
The Board approved a final dividend of $1.50 per share.
