AZP News

Angostura Records $52.6M in Profits

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RUM and bitters producer Angostura Holdings Ltd has recorded an after tax profit of $52.6 million for the first half of this financial year.

The company’s unaudited accounts showed it made a profit before tax of $78.2 million and the board has approved an interim dividend of $0.99 to be paid at the end of the month.

In his report, Angostura chairman Terrance Bharath said, “I am proud to report results for the six months ended June 30, 2019, which indicate profit after tax of $52.6 million, an increase of $4.4 million or nine per cent over the comparative period of 2018. Earnings per share have increased to $0.26 per share from $0.23 per share as at June 30, 2018,”

Angostura recorded a profit after tax of $41.7 million over the three months ended June 30, 2019.

Bharath said bitters was chiefly responsible for Angostura’s increase in revenue over the period.

He said, “Revenue of $346.4 million represents an increase of four per cent from the comparable period of 2018. This growth was due largely to the strong performance of the bitters segment, as distribution growth in top retailers in the North American market and increased use in cocktails in the UK market have resulted in increased demand.

“Additionally, the profitable co-pack bulk segment also reported significant revenue growth.”

Bharath said, “Ongoing cost management strategies were stringently reviewed during the second quarter. We expect to maximise our marketing dollar over the remaining fiscal year and to roll out additional marketing plans in line with our stated goals.”

The company’s annual general meeting for the year ended December 31, 2018, is scheduled to be held on September 10 at the House of Angostura, Eastern Main Road, Laventille.

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