Angostura records over $1b in revenue

FOR the third consecutive year, Angostura Holdings Ltd surpassed a billion dollars in revenue.

It recorded $1.06 billion in revenue for the financial year ended December 31, 2024 – a one per cent increase from the $1.05 billion earned in 2023.

Despite the high revenue, profit for 2024 declined by five per cent, amounting to $144.3 million.

Angostura said this reduction was due to its strategic decision to invest in brand-building initiatives, including hosting the seventh biennial Global Distributors Forum in April 2024.

The event hosted over seventy 70 international distributors representing 37 global markets.

"These initiatives contributed to an eight per cent rise in selling and marketing expenses.

"At the same time, we streamlined operations, leading to a seven per cent reduction in administrative costs."

In its consolidated financial statements, Angostura said its financial health remains strong, with total assets growing by six per cent from $1.8 billion in 2023 to $1.9 billion in 2024.

In addition, Angostura reported an export earning of US$20.7 million.

Chairman Terrence Bharath said, "We remain steadfast in our mission to create long-term value for our shareholders through strategic investments, innovation and operational excellence.

"As we move into 2025, we carry with us our innovative skills and look forward to increasing our portfolio with a new product range and increasing efficiency.

"We are confident in our ability to seize opportunities and continue our legacy of success."