Growth in the banking, investment, beverage and automotive sections of the Ansa McAl group of companies has boosted the group’s growth, as was revealed in its unaudited results for the nine months ended September 30, released on Friday.
The group recorded an increase in revenue, from $4.716 billion in 2022 to $5.170 billion in 2023.
Its profit before tax for the period went up from $139 million in 2022 to $468 million this year.
Profit after tax went up from $13.7 million in 2022 to $323 million this year.
“Our banking and insurance businesses delivered a strong performance during this reporting period with interest and investment income returning to pre-2019 levels and the investment portfolios producing positive non-cash mark-to-market gains reversing non-cash losses in 2022,” said A Norman Sabga in his chairman’s statement.
He added that the performance at COLFIRE showed noticeable improvement after its acquisition, which Sabga said would lay a foundation for growth and innovation in the insurance sector.
“The group is underpinned by a resilient balance sheet which makes us well positioned to pursue organic and acquisitive opportunities. Our diversified portfolio stands us in good stead to weather any challenges which lie ahead in a world where disruption has become the norm,” he said.
Sabga said beverage, construction and distribution businesses showed top-line growth but were still affected by non-recurring input costs owing to decisions to secure supply chains amid global disruptions. Automotive operations also performed well, increasing both revenue and profitability.
“We are resolute in achieving our ambitious 2X objective to double the group’s size and scale by 2027 and have made strategic general investments in support of attaining this goal,” he said.
One of those investments included the acquisition of a state-of-the-art returnable bottling line at Carib Brewery, which Sabga said will enable increased capacity for exports, while reducing waste and lowering water and energy consumption.
“We are confident in the group’s growth prospects and, as we forge ahead, we remain focused on delivering long-term value for all our stakeholders,” Sabga said.