Angostura Holdings Ltd records 15% increase in profit after tax

Angostura Holdings Ltd (AHL) has recorded a profit after tax of $77.8 million for the six-month period, ended June 30.

According to its consolidated financial statements – published on the TT Stock Exchange website on Wednesday – this represents an increase of $10.2 million or 15 per cent over the comparable period in 2022.

AHL said its financial performance was attributed to the group’s local and international sales strategies and brand management with local revenue increasing by $8.9 million or 3 per cent to $273 million over the comparative period in 2022. This was mainly due to increased rum sales revenue of $4.8 million and Angostura Chill sales of $2.6 million.

Internationally, while some markets are still experiencing logistics and freight issues, revenue grew by 1.3 per cent from $160.5 million in 2022 to $162.6 million in 2023.

Bitters exports increased by $3.1 million or two per cent over the previous year, driven mainly by increased sales in the US market.

AHL also recorded improved profitability, with a gross profit margin of 54 per cent (2022: 51 per cent), operating margin of 21.9 per cent (2022: 19.5 per cent) and a profit before tax (PBT) margin of 23.6 per cent (2022: 21.4 per cent) due to improved production efficiencies and cost management strategies.

Given the Group’s performance, the board of directors declared an interim dividend of (2022: $0.10 per share) with a record date of September 15, 2023 and payment date of September 29, 2023.