Angostura reports 16.5% increase in profits

ANGOSTURA Holdings reported a 16.5 per cent increase in profits for the nine-month period ending in September in its summary consolidated financial statement published on Monday.

The report said Angostura earned $104.4 million in 2023 as compared to $89.6 million for the same period in 2022.

Angostura’s revenue for the period was $720.1 million, $9.1 million more than last year.

Chairman Terrence Bharath, in his remarks, said the increase was mainly due to a four per cent boost in international sales, mostly in sales of Angostura Bitters in North America and premium rum sales in Europe.

“Generally the international market continues to show resilience in the face of global disruptions, resulting in Angostura being well-placed to capitalise on this recovery.”

He added that local sales had remained stable, accounting for 60 per cent of overall revenue.

“We continue to aggressively align our marketing strategies in the local market to ensure that we retain our market presence.”