Ansa McAl records $160m profit for first quarter

The content originally appeared on: Trinidad and Tobago Newsday

Ansa McAl CEO Anthony Sabga III and chairman A Norman Sabga at the announcement of the 2022 financial results, Tatil, Port of Spain on March 27. On Thursday, the group reported a $160 million profit for the 2023 first quarter ending March 31. – AYANNA KINSALE

The Ansa McAl Group has reported a $160 million before-tax-profit in the first quarter of this year.

Ansa McAl CEO Anthony Sabga III, along with CFO Nicholas Jackman and chairman A Norman Sabga guided stockbrokers through the financial statements on Thursday at the Tatil Building in Port of Spain.

The group reported a positive outlook as the financial figures for the period ending March 31 reflected a $149 million or 10 per cent increase in revenue growth to $1.59 billion, and a $47 million or 49 per cent increase in continued capital investments to $143 million.

The increase in profit was welcomed by stockbrokers after the group recorded a dip in their financial performance in the last quarter of 2022.

The group boosted of their recent acquisition of Colfire worth $300 million.

Jackman said, “This acquisition doubles our market share both locally and regionally.” He said that the group is steadfast in their growth ambitions and did this all with a strong balance sheet while bringing debt down. The current earning per share is $0.59.

The chairman said the group, over the years, has adopted an “aggressive provisioning policy where utilised raw materials are written back into profit.”

The most profitable sectors for the conglomerate were the banking and insurance sectors where revenue was up $61 million to $275 million. This was closely followed by the automotive, trading and distribution sectors where revenue was up $51 million to $553 million.

During the interactive session, Sabga III highlighted several areas in which the group is making advancements. This included the growth of their beverage portfolio in the North American markets, particularly with Shandy Sorrel being their best seller, technological advancements by Ansa Bank, automotive developments in Guyana, expansion of their media sector and the incorporation of environmental, social and governance (ESG) policies across all sectors.