Ansa McAL Ltd’s ability to navigate dynamic markets and continuously diversify its portfolio is to credit for its record-breaking performance in 2023, says the group’s CEO Anthony N Sabga III.
The group hosted its 95th meeting of shareholders at Hyatt Regency, Port of Spain, on May 23, where heads of sectors shared a brief recap of their respective performance and acquisitions over the last financial year.
Ansa McAL delivered a strong financial performance in 2023, posting its highest-ever revenue of $7.046 billion – a ten per cent increase from $6.392 billion in 2022.
Additionally, profit before tax increased to $842 million – another record – compared to $448 million the previous year. Assets grew from $17.507 billion in 2022 to $18.407 billion in 2023.
Sabga said input material cost increases and freight costs continued to impact the conglomerate’s core business operations, particularly in the first half of the year, with some moderation seen towards the fourth quarter.
“We also saw the anticipated recovery in our large portfolio of investment securities. Overall, this was a pivotal year for our enterprise,” he said.
“Market-leading sectors continued their generational reinvestment programme, pumping capital investments of over $736 million, a marked increase from its previous our previous high of $572 million in 2022.”
He noted major investments in more efficient bottling lines, eco-friendly returnable bottle washers and filtration systems, which align with its sustainability ambitions.
Among its major investment, subsidiary, Tatil, completed the full acquisition of Colfire in February 2023, taking the group’s combined market share in property and casualty insurance to around 23 per cent. Colfire has also reported profits.
The group’s media, retail and parent company sectors reported revenues of $347 million in 2023, compared to $361 million the year prior, and reportable segment loss before tax of $0.5 million versus a $173 million loss before tax in 2022.
Concerning renewable energy, the group invested an additional $55.8 million to increase output at its joint venture solar farm in the Dominican Republic.
The Monte Plata Park in the Dominican Republic, generated 45,486 MWh in solar energy last year, while its Tilawind farm in Costa Rica generated 75,833MWh in wind energy.
Last year, the group invested US$13.6 million in Monte Plata Phase II to increase the solar energy capacity of the park.
Sabga said the group continues to search for commercially viable renewable energy projects in the region, nine years after its first investment in renewable energy outside Trinidad and Tobago.
In its recently released annual report, Sabga addressed the recent investment and opening of a $200 million production line at Carib Brewery.
“Some significant investment decisions such as the new Carib Brewery bottling line will not only ensure consistent production of high-quality beverages and enable increased capacity for exports,” he said, “but will do so with greater operational efficiency, redu
