Jun 2012 Financial News

ANSA McAL recorded $5.3B revenue last year

Jun 01, 2012

The AnSa McAl Group of Companies recorded TT $5.3 billion in revenue last year, a four percent increase from 2010, when it made $5,048 million.

However, the Group’s profit before tax dropped five percent, from $954 million in 2010 to $905 million in 2011.

This was due to $30 million non-cash impairment from its subsidiary Almond Resorts Incorporated, which has operations in Barbados and St Lucia.

The company’s overall financial performance was outlined by Group Finance Director, Aneal Maharaj.

“Shareholders would note that since 2006, revenues have grown significantly despite the downturn. In fact, we’ve added TT $1 billion in top-line growth since 2006. In 2011, revenues stood at $5.3 billion, an increase of four percent over the prior year, and we continued that momentum into the first quarter of 2012, where we saw a further 11 percent growth in top-line revenues,” Maharaj stated.

He was speaking during the Group’s Annual General Meeting (AGM), which took place yesterday afternoon at the Group’s head office, TATIL Building, Maraval Road, Port-of-Spain.

The local and global economies may be in a slump, but that would be hard to tell by the Group’s performance last year.

Maharaj was keen to point out this fact to shareholders, noting the Group’s robust performance since 2006.

“When we look at the cash of the business, the Group has generated more cash in 2011 than it has ever done in its history. EPS (earnings per share) stood at $3.64 in (2010) and if the impairment were to be normalised, the EPS would have stood at $3.64, the highest it has been in the Group’s history. Cash generation up 30 percent, by $268 million,” Maharaj noted.

Following the AGM, Chairman and CEO, A Norman Sabga, spoke to members of the media about the reasons for the company’s success in the face of a sluggish economy.

“We’re very segmented as a conglomerate, so when one sector is down, the other is up. The balance of the conglomerate model really worked for us and we’re very comfortable in running many diversified companies. Also, we have a really good managerial team; we strive for excellence, we try to employ the best talent, and motivate our executives, our staff, and we try to be innovative,” Sabga said.


Source:
By Sasha Harrinanan
Newsday
Friday June 1, 2012

http://www.newsday.co.tt/business/0,161074.html