The West Indian Tobacco Company Ltd (Witco) has recorded a Profit after Taxation of $92 million for the three-month period ended March 31, 2022, representing an increase of $0.6 million or 0.7 per cent over the corresponding period last year.
According to the company’s unaudited interim financial statement for the first quarter ended March 31, 2022, revenue increased by $2.4 million or 1.2 per cent over the same period last year, driven mainly by increased volumes and a sales mix improvement given that the entertainment channels were reopened with the gradual removal of COVID-19 restrictions.
The company’s chairman Ingrid Lashley also noted that there has also been a significant increase in the cost of sales owing to a combination of factors including higher royalties and increased costs of direct raw materials.
According to Lashley, the company also recognised that investment in its brands is critical to ensure that the portfolio remains relevant and dynamic as it operates in a challenging economic environment.
“We continue to be responsive in the ongoing process of portfolio transformation initiatives focused on meeting consumer needs,” Lashley said.
To this end, the company added that it will continue to leverage its “robust route-to-market” processes to ensure that its products are available to all customers on time and in full.
Witco added that directors have considered the current operating and global environment and the volatility of associated economic factors and have taken the decision not to pay an interim dividend based on the results for the three-month period ended March 31, 2022.
