Advertise With Us
About Us
Listen
Watch

Login

/

Subscribe

Home

News

Carnival

Business

Sports

E-Paper

Features

Opinion

Traffic Cameras

Life

Classifieds

Death Notices

Community

Real Estate

About Us

Contact Us

Home
News
Carnival
Sports
E-paper
Business
Classifieds
Other
Death Notices
Traffic Cameras
Covid-19
Features
Opinion
Games
Subscriptions
Real Estate

T&T’s rum sales dip, but Angostura still reaps more profits

by

#meta[ag-author]
20220503031723
20220503
Angostura distillery

Angostura distillery

PE­TER CHRISTO­PHER

pe­ter.christo­pher@guardian.co.tt

De­spite rum sales in Trinidad and To­ba­go de­clin­ing last year com­pared to 2020, An­gos­tu­ra has still record­ed an in­crease in its prof­its.

The com­pa­ny re­port­ed prof­it af­ter tax of $158.3m for the fis­cal year end­ed De­cem­ber 31, 2021, which rep­re­sent­ed an in­crease of 8.7% over the pri­or fis­cal year.

In the com­pa­ny’s An­nu­al Re­port for 2021, Act­ing Chief Ex­ec­u­tive Of­fi­cer Ian Forbes said, “De­spite the con­tin­u­ing im­pact of the coro­n­avirus, the Group record­ed prof­it be­fore tax of $214.5 mil­lion which rep­re­sent­ed an in­crease of 0.8% or $1.7 mil­lion over the pri­or com­par­a­tive pe­ri­od.”

The An­gos­tu­ra CEO said this con­tin­ued the up­ward trend of rev­enue, gross prof­it (GP) and re­sults from op­er­at­ing ac­tiv­i­ties over the five-year pe­ri­od 2017 to 2021.

He said, “Rev­enue in­creased by 1.8% to $921.6 mil­lion com­pared to $905.4 mil­lion record­ed in 2020, mak­ing this the fifth con­sec­u­tive year of top line growth fol­low­ing a pe­ri­od of rev­enue con­trac­tion from 2015 to 2016. In ad­di­tion, the rev­enue achieved in 2021 was al­so the high­est rev­enue record­ed by the Com­pa­ny over the past sev­en years,”

Forbes said this was “a mon­u­men­tal achieve­ment de­spite the dif­fi­cul­ty and un­cer­tain­ty of the sec­ond year of the coro­n­avirus pan­dem­ic, with se­vere chal­lenges in the lo­cal and glob­al econ­o­my. “

The An­gos­tu­ra CEO how­ev­er not­ed, “The coro­n­avirus pan­dem­ic had a more se­vere im­pact on Trinidad and To­ba­go in 2021 vs 2020 with re­duced con­sumer spend­ing due to un­em­ploy­ment and re-pri­ori­ti­sa­tion of ex­pens­es to more es­sen­tial items, as well as high­er num­bers of COVID-19 cas­es, hos­pi­tal­i­sa­tions and death.”

Chair­man Ter­rence Bharath said de­spite the de­cline in rev­enue in T&T, the com­pa­ny con­tin­ued to push in­no­va­tion

“Rev­enue in the lo­cal mar­ket de­clined by 1%, or $8m. How­ev­er, An­gos­tu­ra con­tin­ued its in­no­va­tion dri­ve which boost­ed rev­enues, with new prod­ucts in every seg­ment. In the pre­mi­um rum seg­ment, the launch of An­gos­tu­ra Trib­ute and Sym­pho­ny in De­cem­ber was well re­ceived. In stan­dard rums, White Oak Grape­fruit and Pineap­ple flavoured rums boost­ed lo­cal con­sump­tion. The in­no­v­a­tive Tam­boo Spiced Rum was launched lo­cal­ly and will be ex­pand­ed in­ter­na­tion­al­ly in 2022,” Bharath said.

The re­port stat­ed while lo­cal brand­ed busi­ness sales were low­er by $3.5m or 1% main­ly due to re­duced lo­cal rum and oth­er al­co­hol sales as bars and restau­rants were closed for the vast ma­jor­i­ty of the year and re-opened with re­stric­tions, the rev­enue at­tained in 2021 was due pri­mar­i­ly to strong growth in the mar­kets in Eu­rope, Mid­dle East, Africa and Aus­tralia in­clud­ing the Unit­ed King­dom of $20.3m or 30% as the re­gion re­cov­ered from the pan­dem­ic ef­fects in 2020, bars and restau­rants re-opened and ac­tiv­i­ties re­sumed in many coun­tries across that re­gion.


Click HERE to Login

Want FREE access to all our content? Sign up HERE!

Tagged in:

Responses

Related articles

Sponsored

Weather

PORT OF SPAIN WEATHER

Sponsored

Trending

Man in viral video hitting woman captured
Soca Monarch competition cancelled
Spent shell with TTPS marking found at murder scene
Retired senior cop awarded $200,000 in damages
Cocorite man killed at home
$300,000 missing from Siparia Corporation
Dolsingh knighted by Queen of Denmark
Double murder in Blanchisseuse
Kamla: No retreat, no surrender
Man gunned down following high-speed chase in Debe
Today's
Guardian
View
Subscribe

Publications

Numbness in your feet?

20230123072450

Your walking gear matters!

20230116101944
Sat Balkaransingh

Sat Balkaransingh

Photo by Wesley Gibbings

Sat Balkaransingh

Sat Balkaransingh

Photo by Wesley Gibbings

The Wanderers–Sat Balkaransingh in verse

20230117074645
Vic Susanna Surajdeen with her children's Book "The Adventures Of Heidi The Boxer Pup!"

Vic Susanna Surajdeen with her children's Book "The Adventures Of Heidi The Boxer Pup!"

Vic Susanna Surajdeen with her children's Book "The Adventures Of Heidi The Boxer Pup!"

Vic Susanna Surajdeen with her children's Book "The Adventures Of Heidi The Boxer Pup!"

Beloved pet dog’s death inspires children’s book

20230112202635
Created by potrace 1.15, written by Peter Selinger 2001-2017

News

Business

Sports

Life

Opinion

Tobago Today

Classifieds

Death Notices

Subscriptions

Real Estate

Categories

News
Business
Sports
Features
Opinion
Traffic Cameras
Death Notices

INFORMATION

About Us
Contact Us
Advertise With Us
Privacy Policy
Subscriptions
Terms of Services

Digital Media

The Big Board Company.
Real Estate
Classifieds

TELEVISION

CNC3 Television

RADIO

951 Remix
Sangeet 106.1 FM
Sky 99.5FM
Slam 100.5 FM
Vibe CT 105 FM
Mix 90.1 FM (Guyana)
Freedom 106.5 FM

About Us

Guardian Media is the premier provider of multimedia solutions and authoritative insight on news, politics, business, finance, sports, and current affairs. Our brand portfolio includes CNC3, Guardian, TBC Radio Network and The Big Board Company.

Contact us

Send us an e-mail here or call us at +1-(868)-225-4465

Follow us