Witco records $382m profit

THE West Indian Tobacco Company (Witco) has reported a before-taxation profit of $382.9 million in its unaudited interim results for the quarter ended September 30, 2021.

Witco chairman Anthony Philip said this represented a decline of $49.4 million or 11.4 per cent below the corresponding period last year. He said Witco's performance was a reflection of the realities of the covid19 pandemic, including "periods of shutdown and restricted commercial activities."

Philip said measures implemented across regional and international markets to deal with the pandemic have contributed to supply-chain disruptions in varying degrees.

But he added, "As a company, we continue to seek ways to ensure resilience and sustainability. We will innovate our operations and portfolio to continue to achieve excellence in manufacturing, export and consumer satisfaction as we contribute positively toward full economic recovery."

Philip said Witco continued to maintain its high standard of operations and environmental health and safety (EHS) global benchmarks to ensure that its employees and contractors operate in support of Government’s initiatives to stave off further negative impacts of the pandemic.

He also said Witco's boards approved the payment of an interim dividend of $0.33 per ordinary share, payable on November 29, to shareholders of record at close of business on November 10.