A confident Anthony N Sabga III sat at a head table at Tatil’s head office in Port of Spain on Monday, explaining to stakeholders that the Ansa McAl group's current financial position – having seen a significant dip in profits for its 2022 financial year – was not its final destination.

Flanked by CFO Nicholas Jackman and executive chairman A Norman Sabga, the group CEO guided stakeholders through the financial statements, explaining that the decline in profits was a mere bump on an otherwise highly progressive and productive road.

Sabga III expressed a positive outlook for the group with plans to double its profitability and overall portfolio to become a $2 billion company by 2027.

Both Sabga III and Norman Sabga highlighted several strategies to achieve this goal which include acquisitions of high-profile companies, further expansion to other countries, and more importantly, the group’s plans to focus on environmental, social and governance (ESG) strategies that would take it to the next level.

Expansion, ESG main focus for Ansa’s growth

Sabga III told stakeholders that several of the plans to double Ansa’s profitability are already underway.

Ansa Bank – formerly Bank of Baroda which the group acquired – has started its digital disruption through the launch of its first fully digital touchpoints in San Fernando. The acquisition of Colfire also had a significant impact on the group’s business, said Sabga III.

“Our financial services group is a very significant contributor to the Ansa Mc Al Group,” he said. “We have doubled our market share in certain components of the insurance business with the acquisition of Colfire. "Additionally the acquisition of Bank of Baroda, rebranded to the Ansa Bank had a tremendous effect.”

Tatil chairman Ray Sumairsingh described Colfire – once under the now collapsed CL Financial empire – as a “strong brand,” one that has had a longer life than the group’s insurance company, Tatil. He said with the acquisition, the group plans to keep the company’s name alive.

“The important thing is to use both companies properly in the market space so that we don’t remain number two but become number one,” Sumairsingh said.

Sabga III added that Ansa made significant investments in Tatil’s technology for a better customer experience so that they now have 24/7 access to customers.

The financial sector is not the only area where Ansa plans to expand. Sabga III told stakeholders that the group’s beverage business, already operating in TT, Grenada and St Kitts and other areas in the region, has also expanded with the addition of Eagle Ray seltzer and Caribe. He said the company is adding to its partner brands footprint bringing Coors Light and Vita malt into local production. Sabga said that in the case of Vitamalt, Ansa would not only be manufacturing the product, but it will also provide packaging, adding to its already evolving packaging business.

But it would seem that the group plans to focus on ESG practices to catapult it forward.

In the beverages sector, Ansa plans to