Prestige Holdings reports $49m in profits

Prestige Holdings Ltd has reported a profit after tax of $49 million for the nine months ending August 31.

In its consolidated unaudited financial statement, published on the TT Stock Exchange on Monday, Prestige Holding's profit increased by $6.7 million, from $42.3 million in 2023 to $49 million.

The group's revenue also increased by two per cent, pushing it past the $1 billion mark from $987 million in the previous comparable period.

"Overall performance at Prestige Holdings remained solid during the third quarter as the group continued to focus on product innovation, great value offers and driving efficiency across all brands.

"Additionally, we remained on track with our store image enhancement programme, remodelling/relocating eight stores in the first nine months, and we expect to complete a further five remodels by the end of the financial year," chairman Christian Mouttet said in his report.

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

During the third quarter, the group relocated two restaurants – KFC and Subway in San Juan – and ended the period with 136 restaurants.

The group generated $117 million in cash flow operation and ended the period with $85 million in cash.

"Based on our performance for the year so far, and our projections for the remainder of 2024, we are expecting improved results for this financial year," Mouttet said.