Angostura profits increase by 1.7 per cent

Angostura Holdings Limited reported a 1.7 per cent growth in profit for the nine-month period ending September 30, according to its consolidated financial statement released on Friday.

The group made $125.3 million in profits for the period, $2.1 million more than the same period the year before. It reported a revenue of $711 million, a 16 per cent increase over last year. Its profit margins improved as well, making an incremental growth from 47 per cent in 2021 to 48 per cent this year.

In his report, chairman Terrence Bharath said the group’s growth was driven by growth in the local market by 10.8 per cent; North America by 25.7 per cent and in Europe, the Middle East, Asia and Africa by 39.4 per cent.

“International sales continue to benefit from increased demand for our branded products as global markets recover,” Bharath said.

But the group suffered higher-than-usual losses domestically because of economic challenges facing customers who were impacted by covid19. It also put up to $37 million in marketing as part of its strategy to expand in international markets.

“As we look forward to the seasonal build-up in revenues in the final quarter of the financial year arising from the celebration of the year’s end and Carnival we are confident that our financial results will continue to show improvement,” Bharath said.