The ANSA McAL Group has en­joyed in­creased rev­enues for the first half of 2022.

For the pe­ri­od end­ing June 30, rev­enue in­creased from $470 mil­lion to $3.145 bil­lion.

For the same pe­ri­od in 2021, the com­pa­ny’s re­port­ed rev­enue stood at $2.676 bil­lion.

The Group Chief Fi­nan­cial Of­fi­cer Nicholas Jack­man said the re­sults of the first six months rep­re­sent­ed “a broad-based re­gion­al re­bound.”

De­spite this, the com­pa­ny’s prof­its were af­fect­ed by volatil­i­ty in glob­al fi­nan­cial mar­kets caused by in­fla­tion, ris­ing in­ter­est rates and the war in Ukraine.

Jack­man said, “This high­er prof­itabil­i­ty in most busi­ness­es which we wit­nessed, some of it was off­set pri­mar­i­ly due to mark to mar­ket un­re­alised loss­es in our in­vest­ment port­fo­lios. This is what im­pact­ed our re­port­ed PBT down $211 mil­lion to $93 mil­lion.

How­ev­er, the Group Chief Ex­ec­u­tive Of­fi­cer An­tho­ny N Sag­ba III was not phased by the dip in prof­its as he not­ed it had been a chal­leng­ing pe­ri­od around the world.

He said, “Our tra­di­tion­al busi­ness­es are al­so en­joy­ing a very healthy re­cov­ery. Some of the ef­fi­cien­cies and the com­pet­i­tive con­sumer fo­cus mind­set that were adopt­ed in the pan­dem­ic haven’t been lost and we are cer­tain­ly see­ing great growth in that area,” he said, adding if the mark to mar­ket is­sues af­fect­ing the fi­nan­cial ser­vices arm of the busi­ness were re­moved, prof­itabil­i­ty with­in the group ac­tu­al­ly in­creased by 75 per cent.

Ex­ec­u­tive Chair­man A Nor­man Sab­ga not­ed that with the ex­cep­tion of Bank­ing and In­sur­ance, all ma­jor busi­ness lines showed sig­nif­i­cant im­prove­ment af­ter the COVID re­stric­tions eased last year.

The bank­ing sec­tor, he not­ed, had been ad­verse­ly af­fect­ed by the volatil­i­ty in glob­al fi­nan­cial mar­kets caused by in­fla­tion, ris­ing in­ter­est rates, and the war in Ukraine.

“We were able to with­stand the drop in both lo­cal and for­eign port­fo­lios. I take my hat off to our team and our in­vest­ment com­mit­tee for the work that they have done,” he added.

He not­ed the com­pa­ny’s Bev­er­age, Man­u­fac­tur­ing, Con­struc­tion and Dis­tri­b­u­tion busi­ness­es had demon­strat­ed strong top line growth and prof­itabil­i­ty over the course of the last six months fol­low­ing the eas­ing of COVID-19 re­stric­tions

The com­pa­ny al­so hailed the progress of its in­vest­ments in re­new­able en­er­gy projects such as the ac­qui­si­tion of the Monte Pla­ta So­lar Farm in the Do­mini­can Re­pub­lic, which was com­plet­ed in May. —Re­port­ing by Pe­ter Christo­pher