Apr 2013 Financial News

OCM pre-tax profits up 6 per cent. Chairman’s Report: One Caribbean Media Ltd, 2012

Apr 25, 2013

One Caribbean Media Limited achieved very satisfactory results in 2012. Group revenues increased by 9.7 per cent, from TT$451m (US$70m) in 2011 to TT$495m (US$77m) in 2012.

Profit before tax of TT$102m (US$15.8m) was six per cent above the TT$96m (US$15m) achieved in 2011.

Enhanced sales and marketing strategies as well as strategic investments enabled OCM to maintain its net profit margin of 21 per cent.

Our companies continue to enjoy leading positions in their markets. Independent surveys along with digital market reports conducted during 2012 indicate that the Group’s media entities held audience and market leadership.

During the year under review Directors and senior executives met in a two day strategic session in Barbados. We reviewed the technological developments which are influencing our industry and considered future options.

In reviewing our core operations, the, Board adopted a strategy which had been evolving for some time - that of selective investment in diverse businesses that will provide for the leveraging of the Group’s assets and competencies and the creation of shareholder value.

In August the Group acquired a small wholesale distribution company and in September the radio assets of the Citadel Group, owners and operators of three radio stations, and Sidewalk Radio. These acquisitions have contributed positively to OCM in 2012.

The Group’s social programme included assistance to several sporting, cultural and educational causes. One such initiative is the OCM Scholarship in Business Studies and Journalism. These scholarships are open to students from across the English speaking Caribbean and are awarded in alternate years.

Our 2012 scholarship in Journalism, in recognition of the contribution of Mr Harold Hoyle, Editor Emeritus of the Nation, was awarded to Ms Aprille Thomas of Barbados. She is now pursuing a Masters degree at the University of Leicester. Our next scholarship, in Business studies, will honour Mr Vernon Charles, co-founder of the Express.

This year marks the 40th anniversary of the Nation Group, our Barbados media subsidiary. Very early in its life The Nation established a special relationship with the Express and, in particular, with its visionary CEO Mr Ken Gordon. This association made the difference between success and failure and provided tangible evidence of CCN’s absolute commitment to the nourishment of a strong, free and independent media in the region.

My fellow directors, join me in saluting the Nation, its management and staff, past and present, for their outstanding contribution to the success of what has become Barbados’ leading media Group.

Since our last Annual meeting Mr Joe Esau, tendered his resignation as a member of the parent Board. He continues to serve as Chairman of CCN Limited. We thank Mr Esau for his service to the parent company and to our subsidiaries in Barbados and Grenada. His continuing contribution is greatly appreciated.
Mr Tracey Bazie will retire from the Board at our upcoming Annual meeting. He has made a sterling contribution to the growth and development of OCM in his 12 years as a director. His wise counsel, wit and wisdom will be missed. On behalf of my colleagues, management, staff and shareholders I thank him for his service and wish him good health and every other blessing in the future.

Following the departure of Mr Esau and Mr Bazie from the OCM Board, your directors have proposed Mrs Shida Bolai and Mr Richard Young for election at our annual meeting.

Mrs Bolai, who is at present CEO of CCN, has been involved at both operational and executive levels across all media platforms in her 30 years with the Group. She is a member of the Boards of CCN Limited, Tobago News, Trinidad and Tobago Publishers and Broadcasters Association and Starcom Network of Barbados. She is also Vice President of the Caribbean Broadcasting Union.
Mr Young has been involved in the regional financial sector for upwards of 40 years. A former partner of Price Waterhouse, he later became Managing Director of NEM (West Indies) Insurance Limited – Nemwil. Last October Mr Young retired as Managing Director of Scotia Bank (Trinidad & Tobago) Ltd after 17 years of outstanding service.

Your directors have great pleasure in recommending Mrs Bolai and Mr Young for election and also those directors seeking re-election at our annual meeting.
I thank my colleagues on the Board of Directors for their support. I congratulate our CEO, Mrs Dawn Thomas, her management team and staff across our family of companies, for the hard work, commitment and dedication which made the 2012 results possible. I also thank our viewers, readers, listeners, advertisers and customers.

Your Directors have approved a final dividend of 45 cents per share which will bring the total dividend declared for 2012 to 70 cents compared with 68 cents in 2011. Payment will be made on April 30, 2013.

The Annual Meeting will be held on Friday May 10, 2013 at 10 am. at Express House, 35 Independence Square, Port of Spain.

Sir Fred Gollop
Chairman


Source:
Trinidad Express
Thursday April 25, 2013

http://www.trinidadexpress.com/business-magazine/OCM-pre-tax-profits--up-6-per-cent-204029051.html