Trinidad and Tobago Chamber records low profits for 2023

THE Trinidad and Tobago Chamber of Industry and Commerce, one of the leading voices for businesses in Trinidad and Tobago, earned $9,818 in profits after tax for the year ending December 31, 2023.

The figures were revealed in the chamber’s annual report, shared on its website.

Trinidad and Tobago Chamber reported an income for the year of $7.4 million compared to $6.7 million in the previous period, an overall increase of 11 per cent.

Expenses increased overall to $7.3 million compared to $6.4 million in 2022, leaving a profit before tax of $73,910.

Despite the low result, chamber president Kiran Maharaj said membership increased by two per cent and sponsorship increased by ten per cent as the chamber returned to 100 per cent physical activity coming out of covid19.

Increases in external rentals improved by 61 per cent with the return to full physical activity, but income from other events fell by 104 per cent and investment income fell by 31 per cent while expenses increased. Maharaj said increases in payroll and secretariat maintenance costs, spurned on by increased activity, contributed to high expenses.

She said among the chamber's achievements for last year was the revival of trade missions spearheaded by the trade and business development unit.

In 2024, the chamber plans to have four missions to Ghana, Las Vegas, Guyana and Jamaica.

Maharaj pledged to lead the chamber towards prosperity in Trinidad and Tobago.

In a separate publication, the chamber expressed thanks to exiting chief executive officer Stephen De Gannes, who resigned from the position effective February 9.

“Mr De Gannes played a key role at the Trinidad and Tobago Chamber of Industry and Commerce, exhibiting his commitment to the growth and prosperity of the business community,” the release said. “We express our sincere gratitude for his dedication and wish him well on his next adventure.”

The release highlighted several of his achievements, which included fostering stronger ties between the chamber and various stakeholders, advocating for policies conducive to business development and focusing on the growth of the SME sector.

The release said current chief operating officer Michelle Suite will manage day-to-day operations during the transitional period.