Sterling Products records after-tax profit of $113M for 2011

Sterling Products Limited recorded an after-tax profit of $113 million for 2011 compared to $94 million in the preceding year.

Its audited financial report published in today’s Guyana Chronicle revealed that revenues were up from $2.5 billion in 2010 to $3 billion last year or 16.6%. Its cost of sales rose from $1.9 billion in 2010 to $2.3 billion last year, an increase of 20.7%.

As a result, its before tax profit for 2011 was $162 million compared to $171 million in 2010. However, a lower tax liability in 2011 enabled the company to register an after-tax profit that was higher than in the previous year. Sterling’s taxation for 2010 was $77 million while for 2011 it was $48 million. Earnings per share in dollars rose from 6.18 in 2010 to 7.42 last year.

The company manufactures edible fats, soap, detergent and ice-cream.

Its 57th Annual General Meeting is scheduled for April 18, 2012 at the Georgetown Club at which it is proposed that a final dividend of $3.50 per share be declared.

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