Prestige turns things around – records $17.3m profit

PRESTIGE Holdings has recorded a profit before tax of $17.3 million for the first half of 2022.

This represents a major turnaround for the local franchise holders of food and drink outlets including KFC, Pizza Hut, Starbucks, Subway and TGI Fridays. For the same period in 2021, Prestige recorded a loss of $19.8 million.

The findings are found in its consolidated unaudited financial reports for the half year ending in May 2022.

Profit after tax stood at $10,817,000 for the first six months of the year, as compared to a $17 million loss for the same period the year before.

For the half year, Prestige generated 68.2 million in cash from operations. The company also ended the period with 129 restaurants, opening a new one – Starbucks at Piarco Airport in May.

Chairman Christian Mouttet said in his report to shareholders that the restaurant industry has slowly improved as restrictions on operations, prompted by covid19, were lifted.

“While our overall business has yet to return to pre-pandemic levels, we are pleased that we can now serve our customers through all of our channels, including dine-in, as we continue to build on the strengths developed in our digital, delivery and drive-thru channels,” Mouttet said.

He added that while the company is optimistic about its performance for the rest of the year, there is caution as it continues to try and mitigate global shocks on its overall business.