Agostini sales, profitability increase

The Agostini Group saw improvement in its sales and profitability as they increased by 15 per cent and 13 per cent respectively for the three-month period ending in June, as reported in its unaudited third quarter summary consolidated reports.

Its recorded sales, in the nine-month period ending in June, were $3.6 billion, a 14 per cent increase from the previous year. Also increasing was the group's profit after tax attributable to stakeholders, which now stands at 22 per cent, making the total $185 million.

This percentage shows an increase before the inclusion of a one-off gain on acquisition; once included, stakeholders will see a 73 per cent increase compared to the year before.

Its earnings per share for the end of the third quarter were $2.68 – $3.83 with the one-off gain from the acquisition – compared to $2.21 for the comparative period in 2022.

The group's pharmaceutical and healthcare business grew, as its revenue and profit before tax had a spike of 21 per cent and 20 per cent respectively. The increases were due to the addition of the recently acquired Barbados-based Collins Ltd and Carlisle Laboratories Ltd, both joined last December 1.

Its consumer products and energy and industrial businesses also saw improved sales and profitability for the period.

Chairman Christian E Mouttet said, "I am pleased to report that in May, Caribbean Distribution Partners Ltd, our consumer products company, completed the purchase of 80 per cent of Chinook Trading Canada Ltd, a Canadian-based consumer products trading company that operates primarily in the Caribbean. In early August, we also completed the acquisition of 100 per cent of Health Brands Ltd, a Jamaican-based pharmaceutical and healthcare distribution company."

Both acquisitions are in line with the group's strategy of regional expansion of its pharmaceutical and healthcare and consumer products, Mouttet said.

Based on its performance to date and expectation for the final quarter of 2023, the group is optimistic of its ability to deliver improved results for this financial year.