Aug 2017 Financial News

ANSA McAL appoints new CEO

Aug 11, 2017

ANSA McAL appoints new CEO

ANSA McAL Group of Companies Deputy Chairman Andrew Sabga, left, is congratulated by Group Chairman Norman Sabga as the group’s new CEO during the presentation of the group’s half-year financial results held at the company’s head office at Tatil Building, Maraval road, Port-of-Spain, yesterday. 

Andrew Sabga has been ap­pointed as the new chief ex­ecutive officer of the ANSA McAL group of companies.

The announcement was made yesterday by group chairman Norman Sabga at the presentation of the group’s half-year results held at its head office at the Tatil Building, Port-of-Spain.

“I am happy to announce that Mr Andrew Sabga has been ap­pointed to the position of CEO of the ANSA McAL group” Sabga (N) said as he spoke in front of a room filled with stockbrokers and media.

Commenting on the group’s financial performance, Sabga (N) said that while the business climate continued to be challeng­ing, the conglomerate model of the group allowed it to persevere in the current economic envi­ronment.

“We are able to weather this difficult period because of the strength of the conglomerate model of our group. So while you have one sector that may be hav­ing some challenges, this is bal­anced by others that are perform­ing strongly. We are confident that we will continue to manage and continue to grow,” he said.

For the six month period ended June 30, the ANSA McAL group declared a profit after tax of $307.1 million, a 13 per cent decline from the same period in 2016 when the group registered $352.9 million in after tax profits.

Group revenues increased by 2.4 per cent, moving from $2.89 billion for the first half of 2016, to $2.90 billion for the comparable period in 2017.

In his chairman’s report ac­companying the financial state­ments, Sabga (N) commented on the group’s most recent acquisi­tion of the Berger Paints franchise.

He said: “We previously an­nounced the strategic acquisition of Lewis Berger Overseas Holdings Limited which held equity stakes of 100 per cent in Berger Paints Barbados Limited, 70 per cent in Berger Paints Trinidad Limited and 51 per cent in Berger Paints Jamaica Limited. This is an ex­citing deal as it creates access to new markets and builds on our existing world class brands. Im­portantly, we have deepened our presence throughout the region maximising our investment op­portunities.”

Elaborating on the Berger ac­quisition further, Sabga added that the group’s involvement in the paint business made the ac­quisition a natural fit.

He said: “This is a business we know and feel we can add value to the Berger brand whereby we can learn from them as well as share our knowledge with them as well.”

Addressing the topic of further acquisitions, the group chairman added that the conglomerate would only consider acquiring companies “where synergies are right and can maximise the ben­efits for our shareholders.”

Sabga noted the strong perfor­mance of the financial services sector which he attributed to the healthy returns of its investment portfolios, growing wealth man­agement services and a growing mortgage product.


Source:
The Trinidad and Tobago Guardian
Friday, August 11, 2017

http://www.guardian.co.tt/business/2017-08-11/ansa-mcal-appoints-new-ceo