Agostini posts $312m profit

AGOSTINI Ltd closed its 2025 financial year, reporting a 6.9 per cent rise in revenue to $5.44 billion for the period ending September 30, up from $5.09 billion in 2024.

The group, which celebrated its 100th anniversary this year, linked the improved performance to its recent acquisitions and the widening of its core businesses.

In a report dated December 2, chairman Christian Mouttet described the year as one of “strategic transformation,” saying the conglomerate had “delivered another year of record revenue and earnings.”

Profit attributable to shareholders increased to $230.3 million from $209.7 million the year before, while earnings per share moved from $3.03 to $3.33. Operating profit rose 5.4 per cent to $511.2 million, and profit before taxation reached $435.6 million, up from $420.2 million in 2024. After paying $123.3 million in taxes, the group recorded a net profit of $312.3 million, a 7.6 per cent increase.

The group’s total comprehensive income, which includes foreign exchange gains and pension adjustments, reached $328.2 million, up from $294.5 million in 2024. Of this, $247.8 million was attributable to shareholders, and $80.4 million to non-controlling interests.

The pharmaceutical and consumer divisions delivered the strongest growth, driven by increased market share and improved regional distribution.

Industrial and energy businesses, meanwhile, recorded softer demand. The St Lucia subsidiary also continued to face economic pressures, contributing to the mixed operational outturn.

Agostini reported higher working-capital needs and increased borrowings associated with the acquisitions. It said, however, that cash generation remained solid.

The group’s finance costs rose to $75.6 million, up from $71.3 million in 2024. Agostini benefited from exchange gains of $15.57 million on the translation of foreign operations, a significant rise from $3.8 million in 2024.

These gains helped offset losses on defined benefit pension plans, which totalled $719,000 for the year.

The group did not record any revaluation gains on property assets.

Agostini’s total assets grew to $4.89 billion, up from $4.689 billion in 2024. Capital and reserves attributable to shareholders increased to $1.89 billion, while non-controlling interests rose to $587.1 million.

The group ended the year with $2.48 billion in total equity, up from $2.31 billion. Some $288.6 million in dividends were paid, up from $143.9 million in 2024; the dividend per share was undisclosed.

Agostini is seeking to acquire all outstanding shares of Prestige Holdings Ltd (PHL) through a merger‑like share‑swap offer.

Under the proposal, Agostini would exchange one AGL share for every 4.8 PHL shares to acquire 100 per cent of PHL, the operator of international food and beverage franchises including KFC, Starbucks and TGI Fridays in TT.

The transaction has shareholder support but remains subject to regulatory approvals, including clearance from the TT Fair Trade Commission (FTC).

The company’s expanding footprint in pharmaceuticals has attracted scrutiny. On December 1, the Parliament’s Public Administration and Appropriations Committee (PAAC), chaired by Speaker Jagdeo Singh, held public hearings at the Red House to examine state procurement and the supply chain for medicines.

The Private Pharmacy Retail Business Association (PPRBA) told the PAAC that a small number of companies dominate pricing and distribution and cited a claim that one company, Aventa, a division of the Agostini group, imports approximately 74 per cent of privately supplied medicines.

Representatives of the FTC participated in the session. The hearings focused on procurement oversight and market concentration risks and did not issue formal findings.

The following day, the PM signalled policy intent to address high drug prices and the alleged growing dominance in the sector, potentially increasing pressure on the FTC to consider whether a review is warranted.

The FTC has not announced a formal investigation arising from the PAAC session.