(Trinidad Guardian) The ANSA McAL group of companies has enjoyed yet another strong period, as the Group has reported increased revenues and profits for the nine months ended September 30, 2023.
In the company’s unaudited financial statement for period, it was revealed the group’s revenue increased by 9.62 per cent to $5.17 billion, up from $4.71 billion for the same period in 2022. the same period in 2022.
ANSA McAL’s after-tax profits of $323.78 million for the first nine months of its 2023 financial year already surpassed its audited after-tax profit of $251.52 million for its 2022 financial year.
The company’s total assets grew to $17.90 billion, also up compared to $17.57 billion level reported for 2022.
ANSA McAL chairman A Norman Sabga said, “Our banking and insurance businesses delivered a strong performance during this reporting period with interest and investment income returning to pre-2019 levels and the investment portfolios producing positive non-cash mark to market gains reversing non-cash losses in 2022.”
Sabga noted that the beverage, construction and distribution businesses demonstrated strong top line growth, but were impacted by non-recurring increased input costs due to decisions to secure supply chains amidst global disruptions.
The group’s automotive operations was also hailed for its performance as it increased both revenue and profitability year on year.
The ANSA McAL chairman said, “We are resolute in achieving our ambitious 2X objective to double the Group’s size and scale by 2027 and have made strategic generational investments in support of attaining this goal.
“Our newly commissioned, state-of-the-art returnable bottling line at Carib Brewery will enable increased capacity for exports, ensure consistent production of high-quality beverages with greater operational efficiency, reduced waste and lower water and energy consumption.
“This significant investment underscores our deep commitment to the circular economy, with its focus on re-use and re-cycling.”
He also pointed out that new additions to the group were also expected to bolster the performance of Ansa McAL as he stated, “At ANSA Chemicals, we are in the early stages of a 50 per cent chlor-alkali plant expansion, which will assure its ability to supply 100 per cent of the chlorine needed to provide clean and potable water to the entire Caricom region.
“We expect this expansion to be completed by March 2024. The performance at Colfire has improved noticeably post-acquisition laying the foundation for growth and innovation in the insurance sector.”
