Prestige Holdings records 25% increase in profits

For the financial year so far, Prestige Holdings group sales have increased by 25 per cent to $637 million from $511 million in 2022.

Profit before tax also increased by 75 per cent or $30.3 million from $17.3 million in 2022.

The chairman's report to shareholders said compared to 2019, when profit was $24.1 million, profit before tax had increased by 25 per cent.

Cash flow operations were $103 million and chairman Christian E Mouttet said Prestige Holdings ended the first six months – in May – with $116 million in cash, which also reduced its borrowings by $11 million.

Mouttet also said Prestige Holdings opened two new restaurants – a Starbucks in O'Meara, Arima and another at Amazonia Mall, Guyana – bringing the total number of restaurants 133.

"Customer response to the Starbucks brand has been extremely positive and we are at the advanced stage for the opening of additional restaurants in that market in TT. Three new Starbucks restaurants were opened in the first six months and our plan is to add two new restaurants in 2023," said Mouttet.

He added that given its performance, the board approved an interim dividend of 15 cents compared to 12 cents last year per common share to be paid on August 4 to shareholders whose names are on the register of members by July 20.