Prestige Holdings records $66.5m in profits

For the financial year 2024, Prestige Holdings Ltd (PHL) recorded a profit after tax of $66.5 million, surpassing the profit after tax of $56 million in 2023.

In its consolidated audited results for the year ended November 30, 2024, PHL said group revenue increased by 1.6 per cent from $1.33 billion in 2023 to $1.35 billion in 2024.

Diluted earnings per share also increased by 18 per cent, going from 89.6 cents to $1.06.

During the same period, PHL generated $143 million in operating cash flow, increasing borrowings by $9.7 million to $58.9 million, ending the year with $104 million in cash.

Additionally, PHL spent $102 million on investing activities, including the acquisition of a property at the interchange in Valsayn, where its KFC, Pizza Hut and Subway brands are located.

The group also completed eight major branch remodels at four of its KFC and Pizza Hut locations. Another 18 minor remodels were also completed, including the relocation of its KFC and Subway restaurants in San Juan.

At the end of the year, PHL had 137 restaurants in operation, including two new Starbucks cafes at Independence Square, Port of Spain and MovieTowne, Guyana.

In the chairman's report, Christian Mouttet said in 2025 PHL expects to build on the progress made in 2024 by continuing investments in new technology and innovation as well as its remodelling investment programme in TT.

Mouttet said PHL also plans to open a second TGI Fridays restaurant in Portmore, Jamaica. Plans are also underway for new Starbucks cafes in Guyana.

In light of ongoing foreign exchange challenges and geopolitical changes, PHL says it is closely monitoring the impacts these issues can have, especially on the supply chain and cost of inputs.

"While over the last two years we have worked diligently to move as much of our supply chain to local producers, foreign exchange availability continues to be a major challenge.

"We recognise that much of what is decided at the national and international level is beyond our control, however, we must be aware, vigilant and proactive to make ourselves as antifragile as possible," Mouttet.