ANSA confident despite big fall in profits

Despite a significant drop in profits for the financial year ending December 31 2022, Ansa Mc Al Group of companies is expressing an optimistic outlook on its future endeavours.

The group shared its financial position on Monday at TATIL Building in Port of Spain.

For the financial year ending December 31 2022, the group earned $251.5 million as compared to $697.1 million in 2021. Profit before taxation on 2022 was about $434 million as compared to $935 million the year before, signifying a 54 per cent reduction in profits before tax.

Earnings per share also took a hit, dropping by 67 per cent to $1.15 per share as compared to $3.45.

Chairman A Norman Sabga, in his statement, said the group’s results were affected by non-cash market-to-market losses on their investment portfolios in the Financial Services sector and in its parent company.

But on Monday the board assured that the reduction in profits was a mere bump in the road.

“What we are seeing now is a dip because we are very close and you are looking at the last year,” Sabga said. “But if you step back in the last ten years, the dip disappears and all you see is a straight line upward.”

“We are very confident that the investments we have made have proven to be better than the dip in the whole market and in years to come it will be significantly better.”