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Financial News

Feb 2015 Financial News

Witco records $655.1m profit

Feb 25, 2015

Cigarette maker West Indian Tobacco Company’s profits are rising.

Witco recorded profit before tax for its year ended December 31, 2014 of $655.1 million, chairman Anthony E Phillip said in the Champs Fleurs company’s preliminary results published yesterday.

This was an increase of 17.8 per cent over the corresponding periods in 2013.

Profit for the year of $489.2 million, “reflects an increase of 19 per cent over 2013”, Phillip said. Witco’s revenue in 2014 stood at 1.017 billion, up from 944.7 million in 2013. Directors will recommend to shareholders for approval a final dividend of $1.94 per share at the company’s annual meeting on April 9. When added to interim dividends of $3.57, this will results in a total dividend of $5.51 per share for 2014, Phillip said.

The final dividend will be paid on April 30.

Witco accumulated a before tax profit of $556 million and a $411 million after tax profit for 2013.

The company’s shares closed trading at $125 per stock unit on the Trinidad and Tobago Stock Exchange yesterday. Witco raised prices on its tobacco products twice in 2013, attributing rising prices to increasing international commodity costs. 

It saw price increases in the company’s Dunhill and Dunhill Fine Cut, du Maurier and Broadway brands. 

A significant percentage of the company’s income goes toward government taxes.  

Witco’s manufacturing plant in Trinidad supplies 14 brands to 17 Caricom Members and Associate countries, its website states. 

Witco is part of British American Tobacco Caribbean & Central America (BATCCA) which forms part of British American Tobacco (BAT) with brands sold in around 180 markets.

 

Source:
Trinidad Express
Wednesday February 25, 2015

http://www.trinidadexpress.com/business/Witco-records-6551m-profit-293938761.html