Agostini’s sees 5% increase in first quarter profits

What was described by Agostini’s Ltd as a “solid performance” by the group contributed to a five per cent increase in profits in the quarter ending on December 31, shared on the TT Stock Exchange’s website on Tuesday.

Revenue for the period was $1.36 billion as compared to $1.27 billion for the same period the year before. Profit before tax was $160 million as compared to $156 million for the same period the year before.

Chairman Christian E. Mouttet explained that one-off non-cash net gain on acquisitions in 2022 increased profits for that year.

With that gain included, the report suggests that there was a 67 per cent decline in profits from $242 million in 2022, to $64.5 million in 2023, but without those increases included, profits increased by five per cent.

Mouttet said the discontinued operations of the Agostini contracting division resulted in a modest decrease in the energy and industrial business, but its consumer products segments was growing, with the company breaking ground on a new distribution centre in Guyana and upgrading and expansion of distribution facilities in Jamaica and Barbados.

Construction of a “state-of-the-art” distribution centre in Aranguez is expected to begin in this year, Mouttet said.