Angostura posts $116.8m profit

Angostura continues on a growth path with 14 per cent increase in profit before tax of $116.8 million for the nine-month period, ending September 30. Its after tax profit was $80.9 million.

In its financial results, the rum giant reports that revenue from its world renowned aromatic Bitters grew by 12.8 per cent with an increase in distribution and use in the North America and UK markets. “This segment, together with the co-pack bulk segment, were the main contributors to overall revenue growth of $19.3 million or four per cent for the comparative period,” Angostura chairman Terrence Bharath said.

Angostura Lemon Lime Bitters enjoyed “positive regional revenue growth” of three per cent, in the third quarter when it was a sponsor of the Caribbean Premier League T20 tournament.

And as the height of the Christmas season approaches, the company expects a boost in rum sales.

“While the local market for rum sales has been reasonably viable for the year to date, improvement is anticipated as we move into the festive season in final quarter,” said the chairman.

“Sustained cost management strategies and cash management initiatives reinforced profitability with an improved pre-tax profit margin of 22 per cent,” he said, compared to 20 per cent for the comparative period in 2018.