Maroc - NEWSDAY.CO.TT - A la Une - 14/Aug 19:30

Ansa McAl reports $258.8m half-year profits

ANSA Mc Al Group of Companies boasted of a $38 million increase in profits for the first half of the year ending June 30, recording $258.8 million in profits after tax. The reported profits marked an increase as compared to the same period the year before, when the company earned $220.7 million. The figures were revealed in the company’s limited unaudited consolidated financial statements for the period, published in the TT Stock Exchange’s website on August 14. The statements said revenue increased by five per cent, from $3.251 billion for the period in 2023, to $3.429 billion this year. Profits before tax increased by 17 per cent, from $311 million in 2023, to $363 million this year. Chairman Norman A Sabga said in his statements that well-executed working capital management strategies boosted the Group’s cash flows from operations, increasing to 10.6 per cent as compared to a nine per cent increase in 2023. The construction, manufacturing, packaging and brewing segment increased its profits before tax by 33 per cent and the banking segment also performed well, increasing revenue by 21 per cent and increasing profits before tax by 22 per cent over the prior year. “We remain focused on the achievement of our 2X objective of becoming a $2 billion PBT (profit-before-tax) company by 2027,” Sabga said. “Our people-centered culture emphasis on sustainability and investment in growth will continue to drive our success.” The post Ansa McAl reports $258.8m half-year profits appeared first on Trinidad and Tobago Newsday.