Agostini Group reveals record profits for 2023

AGOSTINI Group’s chairman Christian Mouttet has credited the conglomerate’s acquisitions in the past year for another record-breaking financial year.

The group released its 2023 annual report, ahead of its annual general meeting on January 31 at Hyatt Regency, Port of Spain.

Among the key highlights is a boost in sales by 14.3 per cent to $4.7 billion.

Net profit for 2023 increased to $393,126 from $263,822 in 2022. This represented a 49 per cent increase in profits.

Earnings per share increased from $2.76 to $3.31 before the net gain on acquisition. The return on equity improved from 14.4 per cent to 15.4 per cent.

Additionally, dividends increased to $1.50 per share from $1.30 per share the year before.

In his remarks, Mouttet described the 2023 financial year as a successful one for its companies, enhanced by several strategic acquisitions.

He said, “Our group continued to expand and strengthen our positioning across each of our three core areas of operation – pharmaceutical and healthcare, consumer products and energy and industrial.

“Our regional go-to-market strategy was bolstered by a combination of internal transformation (across organisational and process levels) and strategic acquisitions.”

For the financial year ended September 30, 2023, Agostini recorded sales of $4.7 billion, 14.3 per cent over 2022.

Its profit applicable to shareholders was $313 million, 64.2 per cent over the prior year and 19.7 per cent without the one-off gain on acquisition.

The group acquired Collins Ltd and Carlisle Laboratories Ltd from Barbadian pharmaceutical distribution and manufacturing companies, respectively, in December 2022.

In May, its Caribbean distribution partners JV company also acquired 80 per cent of Chinook Trading Canada Ltd, a Canadian-based trading company that distributes consumer products to the Caribbean.

Agostini Group also acquired Health Brands Ltd, a Jamaican pharmaceutical distribution company.

“These acquisitions,” Mouttet said, “have expanded our regional footprint and brand portfolio while providing greater access to customers and expanding our logistics capabilities.”

Agostini’s subsidiaries comprise 20 companies within the sectors of pharmaceuticals, marketing and distribution and energy and industry.

They include household names like Vemco, Hand Arnold, Smith Robinson and Co, and SuperPharm, to name a few.