The West Indian Tobacco Company Ltd (Witco) has reported increased profits and revenue in 2023.
In the company’s audited summary financial statements for the year ended December 31, 2023 which was posted on the T&T Stock Exchange, Witco reported a profit for the year of $277.1 million, which reflected an increase of 5.9 per cent or $15.5 million over the previous financial year.
Chairman Ingrid Lashley in her statement said the company saw a total comprehensive income of $279.2 million for the year.
This represented an increase of $28.2 million or 11.2 per cent over the corresponding period in 2022.
Lashley said, “This performance reflects the company’s transformation journey, which began in the first quarter of the 2022 financial year, and continued, with the consolidation of its distribution network in July 2023.
“This transition, critical for the long-term sustainability of our business, promises many benefits including improved efficiency, better customer contact and an extensive product offering. In the immediate period, inventory movements, market adjustments and consumer repositioning resulted in revenue growth of $31.1 million or 4.3 per cent compared to the previous year.”
Lashley also noted that after the company settled on its portfolio transformation and a more efficient distribution model which has led to increased responsiveness to customers’ demands, there were positive growth indicators heading into 2024.
She added that innovation continues to be key to future growth, noting that the company is well-positioned to continue to lead the market via new products.
“We see this as a vehicle for changing the existing landscape while ensuring the sustainability of the company’s business, solidifying the company’s contribution to the country’s socio-economic improvement,” Lashley said.