ANSA CEO expects 'stronger' second half of the year

ANSA McAL Group of Companies reported a $38 million increase in profits for the first half of the year, recording $258.8 million in net profits.

Group CEO Anthony N Sabga III said while the first half numbers are great, the second half is usually the "strongest."

Speaking at the stockholders meeting held at Tatil Building, Port of Spain, on Friday, Sabga III said he was proud of the results and direction the group is taking.

He said he remains optimistic about the future.

"We want to build on the first half of the year as there remains tremendous opportunities to exploit," he said. "The future remains exciting."

Sabga III also updated the shareholders on some of the company's acquisitions and ventures in recent times.

He said the acquisition of Bahamian Brewery and Beverage Co Ltd has "outpaced expectations in terms of turnaround," and they are producing Stag (beer) in Bahamas.

He also spoke on the strategic partnership announced with Globus Spirit Ltd – an Indian alcoholic beverage industry.

"A high-level team is heading to India for the joint venture we recently announced."

Sabga III remained mum on other project the group is currently working on, but said a big announcement will take place when he can "speak on it."