As Angostura boasts of a 21 per cent increase in after-tax profit, employees get to share in the company’s success as wage negotiations were completed up to 2025.
While he wasn’t able to divulge the amount of the increase, chairman Terrence Bharath told reporters at a media conference on Friday that Angostura and the bargaining union for workers, SWWTU, were able to reach an agreement which made the union happy.
“There was no way we could have reached this stage without the help from our workers,” Bharath said.
“This was well considered in the negotiations, and the union was happy.”
Bharath said at Angostura House in Laventille, despite challenges over the past two years there were no layoffs for staff.
SWWTU president general Michael Annissette confirmed the completion of the negotiations. He said the negotiations were based on both parties – the workers and Angostura – understanding each other.
“It was something that we would have done in the context of positioning Angostura for the future. We gave Angostura the ability to understand their labour costs, so it was a collaborative approach.”
Angostura, in its consolidated financial statements released on Wednesday, said its profit after tax reached $67.6 million, which was a $12 million increase compared to the same time in the last fiscal period.
Acting CEO Ian Forbes told reporters, buying habits in the spirits industry had now changed to a hybrid of pre-pandemic and pandemic.
“We have had certain channels rebound. For instance, the wholesale channel has rebounded. The channel with hotels, restaurants, bars, and so on, has also rebounded.
“What we noticed is that the supermarket channel, which was superheated over the last two years, has declined. So people are no longer relying on supermarkets, necessarily, to get their spirits and beverages.”