The ANSA McAL Group of Companies has recorded a profit before tax (PBT) of $1.036 billion for the year ended 2019, up by 2 per cent when compared to previous period’s PBT of $1.017 billion.
This whilst the group’s revenues were up by 3 per cent to $6.6 billion ($6.4 billion - 2018) and earnings per share (EPS) also improved by 6 per cent to $3.74 ($3.54 - 2018).
Group executive chairman Dr A Norman Sabga said, “Our results are positive due to a strong fourth quarter.”
He continued, “However, we are facing rapidly deteriorating and uncertain macro-economic circumstances.”
Sabga indicated that although the group is resilient and has a strong balance sheet, in such fluid and dynamic times and with extended business curtailment, the directors believe that the organisation should be cautious and prudent.
He said, “Therefore, we have decided not to recommend a final dividend for 2019.”
Meanwhile, Sabga remarked that the group is collectively enduring and refining all processes to limit and restrict the spread of the COVID-19.
“We are impressed by the leadership our respective regional governments are displaying in these unexpected and unprecedented times and pray that the Caribbean and the rest of the world will survive the effects of this global pandemic.”
Sabga said that while the COVID-19 pandemic crisis presents several immediate risks to the safety of the group’s employees and the performance of its businesses, public health and safety remain the paramount concerns by the organisation.
According to Sabga, even before the requests from respective governments, on March 13, 2020 ANSA implemented work-from-home procedures for all employees for whom such an arrangement was possible.
Sabga noted that the conglomerate implemented paid leave for staff unable to come to work as a result of primary care for family members within the “at-risk” category—and also implemented rostering, social distancing and enhanced occupational hygiene measures, particularly for operations staff in companies engaged in manufacturing, food processing and distribution.
The group, said Sabga, maintains its full commitment to adhere to and support the laws and policies instituted within each territory in which the company operates.
While encouraged by 2019 results, Sabga said he is even more impressed by the resilience and commitments the group’s executives and staff members.