ANSA McAL reports $908m before tax profit

Published: Friday May 30, 2008

The ANSA McAL Group yesterday announced that its profit before tax increased by 28 per cent to $908 million for 2007.

The announcement was made by A Norman Sabga, group chairman and chief executive at the group’s annual general meeting at the ANSA McAL head offices, Tatil Building, Maraval Road, St Clair.

“We are on track to accomplish the mission we set forth which is the (Vision 2010) V10 mission and that was to double our revenues to eight billion dollars, to double our profits before tax to $1.24 billion and to achieve earnings per share of five dollars,” he said.

He said these successes show that the group is well on its way to achieve its objectives.

“Our 2007 results have demonstrated that we are well on our way to accomplishing those results and from this mission flows the other objectives that we have set for ourselves within the group,” he said.

He appealed to employees of the far-flung group of companies for loyalty to group products.

“Many of the products that we use on a day to day basis that you may not recognise are part of the products that your company represents or brand names that we represent outright.

“I would like to suggest to you that when you go to the marketplace that you utilise the products and services within our group,” he said.

Chief operating officer of the ANSA McAL Group Gerry Brooks, echoed Sabga’s call, urging shareholders, in addition to employees, to buy the group’s products.

“I want to endorse your call to shareholders to support the group by breathing the group, eating the group, driving the group, drinking the group and enjoying the value created from the group,” he said.

Speaking on the performance of the region’s economies, Brooks said the challenge for the region was trying to maintain growth.

“The big challenge for regional economies in 2007 was trying to maintain the growth trajectory in 2008, with what’s happening in the United States you are going to have some issues around remittance incomes and remittance flows from the United States.”

He said from a local point of view the problem is inflation.


Source: Trinidad Guardian Newspapers
http://www.guardian.co.tt/business2.html