Agostini's Ltd has reported an increase in revenue of 17 per cent, up from $968 million to $1.14 billion for the first quarter of its 2021/2022 financial year.
In its unaudited first quarter consolidated results ending December 31, 2021, chairman Christian Mouttet said the results were due to improved revenue and profitability from three segments of operations - pharmaceutical and healthcare distribution, fast-moving consumer goods (FMGC), and industrial, construction and holdings.
Organic growth, he said, along with the recent acquisitions of Oscar Francois, Intersol and ProCom were also major contributors to the positive performance.
'Our FMCG business had a robust quarter, driven by strong execution across all markets and continued growth in exports. Pharmaceutical and healthcare performed well, benefitting from improved sales in distribution and retail, as well as the synergies created from the integration of Smith Robertson with the recently acquired Oscar Francois and Intersol businesses.
'As previously announced, at the beginning of this quarter, Process Components Ltd (ProCom) was acquired by our subsidiary Rosco Petroavance Ltd. During the quarter the companies were merged and are being rebranded as Rosco ProCom Ltd. We expect this acquisition to be accretive in this financial year.'
In a breakdown, Agostini's after-tax profit was $90.4 million, up from $65.5 million in the first quarter of the ending December 31, 2020.
By division, pharmaceutical and healthcare division earned $321.9 million in revenue, and an before-tax profit of $38.1 million; FMGC revenue was $742.5 million, with before-tax profit of $82.1 million; industrial, construction and holdings revenue was $72 million with before-tax profit of $7.9 million.
Mouttet said while there remained economic unpredictability and uncertainty because of the covid19 pandemic, the group expected favourable results for 2022, given the Government's move and the regional shift to reopen economies.
In March last year, Agostini's announced its newest subsidiaries to join Smith Robertson and Co Ltd. The acquisitions were made by Smith Robertson which purchased all of the shareholdings in the two companies.
Intersol manufactures a range of personal care products, and the Diquez brand is one of its most popular. Oscar Francois is a leading pharmaceutical, medical supplies and personal care products distributor. Its range includes agriculture and veterinary supplies.
In June, the subsidiary Rosco Petroavance announced its intent to acquire Process Components Ltd, an energy equipment and services supplier, owned by directors of Laughlin and DeGannes.
Additionally, Agostini's said profit attributable to shareholders improved by 36 per cent from $44 million to $61 million.
Earnings per share were reported to be 88 cents when compared to 68 cents in the previous year.
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