Prestige Holdings records 56% increase in profits

FOR the financial year 2023, Prestige Holdings Ltd (PHL) recorded a profit before tax of $84 million compared to $54 million in 2022, an increase of 56 per cent.

According to its published consolidated audited financial results for the twelve months ended November 30, 2023, PHL's revenue increased by 20 per cent to $1.3 billion from $1.1 billion, in the previous year.

"The financial year was one of investment and growth. There has been significant effort and success towards returning our business operation to pre-pandemic levels and achieving sustainable growth and profitability," PHL said.

PHL generated $182 million in operating cash flow and repaid $22 million in debt, which reduced its total borrowings to $49 million – ending the year with $114 million in cash.

Chairman Christian E Mouttet, in his report, said, "All our brands posted significant operational and financial improvements over the previous year. The group's overall profitability of $84 million was a historical high and reflective of the investments in our people and assets."

Mouttet added that PHL has made significant investments in growing its operations, both in Trinidad and Tobago and its external markets.

PHL operates the KFC, Pizza Hut, Subway, Starbucks and TGI Fridays brands.

At the end of the year, PHL had 134 restaurants, including five new units – four Starbucks outlets in Trinidad and Tobago and one Starbucks outlet in Guyana.

"Additionally, we also completed three KFC remodels and relocated one Starbucks outlet during this period," Mouttet said.

In 2024, PHL plans to open two more Starbucks outlets in Guyana and new stores in Trinidad and Tobago.

"Looking forward, we expect to build on the progress made last year and also continue our new store and remodelling investment programme," Mouttet said,

Based on its financial performance, PHL has announced a final dividend of 30 cents (20 cents in 2022) per common share, which, with shareholders' approval, will bring the total dividends payable for the financial year 2023 to 45 cents.

The final dividends will be paid on May 29.