Angostura earns 21% increase in profits

The content originally appeared on: Trinidad and Tobago Newsday

Angostura rum exports grew by 29 per cent in the first half of the 2022 fiscal year. –

Angostura has announced a 21 per cent increase in after-tax profit for the first half of the fiscal period ending June 30.

In its consolidated financial statements released on Wednesday, Angostura said its profit was $67.6 million, up by $12 million, compared to the same period in the last fiscal period.

Angostura earned $261.4 million locally as trade with bars, hotels and restaurants recovered in the second quarter. Internationally, revenue grew by 29 per cent, from $137.8 million to $178 million.

“This performance was achieved despite sustained pandemic-induced changes in buying patterns, global supply constraints and geopolitical shocks which have resulted in challenges with logistics, shipping and widespread inflationary pressures,” said chairman Terrence Bharath.

“In spite of market volatility, growing inflation and external shocks which will continue for the foreseeable future, the group has a positive outlook for the rest of FY 2022. We are confident that our performance will continue along this current trajectory with the support of our stakeholders and the ongoing dedication of our employees,” Bharath said.