A NORMAN SABGA, chairman of the board of Trinidad and Tobago-based conglomerate Ansa McAl, in the company's unaudited results for the nine months ending September 30, said the company's profit before tax increased by 21 per cent to $568 million ($468 million – 2023)
Revenue, he said, increased by two per cent to $5.239 billion ($5.130 billion).
The conglomerate's total assets increased by 5.8 per cent to $18.941 billion ($17.903 billion).
Earnings per share increased 24 per cent to $2.01 ($1.63).
Sabga said, "Our construction, manufacturing, packaging and brewing segment has demonstrated sustained delivery of excellent results with a 34 per cent overall increase in profit before tax. Our banking and insurance segment also performed admirably, with a 17 per cent increase in profit before tax over prior year.
"With these results, we are confident that we have a clear line of sight to achieving Ansa McAl’s 2X growth strategy to become a $2 billion profit before tax company by 2027."
This view he said is reinforced by the company's recent acquisition of Bleachtech LLC, a US-based chlor-alkali producer.
In a media release on November 6, Ansa McAl said at a purchase price of US$327 million, it is the largest acquisition in its 143-year history.
The acquisition, which was largely financed via a term loan arranged by Citibank NA in the US, is expected to be materially accretive to Ansa McAl’s earnings in the first full year of operations in 2025.
In 2023, Bleachtech delivered US$85.7 million in revenue and US$57.4 million in earnings before interest, taxes, depreciation, and amortisation.
Bleachtech, based in Cleveland, Ohio, operates two chlor-alkali plants in Seville, Ohio and Petersburg, Virginia that produce sodium hypochlorite (bleach), sodium hydroxide (caustic soda) and hydrochloric acid.
The acquisition builds on Ansa McAl Chemicals Ltd’s position as the leading player in the English-speaking Caribbean chemical industry and facilitates the group's hemispheric growth plans via market expansion into the North American chemicals market. This acquisition is in line with our commitment to sustainable growth and supports the UN Development Goal (SDG 6) to ensure the availability and sustainable management of water for all.
"As we look ahead," Sabga said, "we are optimistic about the opportunities which will allow us to leverage our deep expertise and knowledge to facilitate even further growth and expansion for the group."
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