- NEWSDAY.CO.TT - A la Une - Hier 20:18

Prestige Holdings reports $51m profit

PRESTIGE Holdings Ltd (PHL), parent company to KFC, Subway, Pizza Hut, TGI Fridays and Starbucks franchises, has recorded a profit before tax of $51 million for the first six months of the 2025 financial year. This surpasses the profit recorded in the same period last year of $35 million, an increase of 46 per cent. In its consolidated unaudited financial results for the period ended May 31, Prestige Holding recorded a profit after tax of $35 million, an increase of $11 million from $23 million in 2024. Prestige Holdings ended the half-year period with $150 million in cash while keeping bank borrowing low at just $54 million. The group also reported a $52 million or eight per cent increase in group sales, from $655 million in 2024 to the current $707 million. Christian Mouttet, in the chairman's report, said the group's strong sales performance was primarily due to the timing of Carnival, which occurred in the first quarter of 2024 but fell during the second quarter of 2025. "The significant improvement in profitability is partially due to non-recurring charges in the prior year that were not repeated in the current period and will moderate as the year progresses. "Our brands continue to perform well driven by improvements in customer experience, strong value offerings and operational efficiencies. Overall, we remain positive about the group’s performance and growth prospects in the three markets in which we operate," he said. The board of directors has approved an interim dividend of 18 cents per common share to be paid to shareholders on July 25. This comes amid a share swap offer by Agostini Ltd to acquire Prestige Holdings shares. PHL shareholders are being offered one Agostini share for every 4.8 PHL shares held. The PHL board will have 21 days maximum to consider and make a recommendation to Agostini shareholders. Agostini also announced a special meeting on July 9 at the Hyatt Regency, Port of Spain, to discuss the approval of issuance of the shareholders of PHL's 13022,334 new common shares in the capital of Agostini and to further approve all other actions regarding the offer and take-over bid. PHL’s share price is currently $12.96 an increase from the $10.95 held when the announcement was made. The post Prestige Holdings reports $51m profit appeared first on Trinidad and Tobago Newsday.