(Trinidad Guardian) Noting the recent improvement in the T&T economy, ANSA McAL Group Chairman Norman Sabga said this has bolstered the conglomerate’s strategy of innovation with its new products.
“That strategy is working well. The fact that we are up three per cent locally would indicate to us that things are improving, or that we are getting a larger piece,” he said on Tuesday as the Group announced its unaudited results for the six months ended June 30, at Tatil Building, Port-of-Spain.
Sabga took the opportunity to announce a series of acquisitions the Group is working on.
“Right now we are doing due diligence for four acquisitions. One in Costa Rica, one in Barbados, two in Trinidad and Tobago, so our pipeline in acquisitions is very rich,” he said.
“Two of the acquisitions will be add-ons to the existing businesses that we have, so we are in a particular business and that acquisition, when it is consummated, will just be added on to this, so it will be the same administration. They are really very tactical acquisitions. Trinidad Aggregate Products (TAP) is one.”
Giving an insight into ANSA McAL’s T&T operations in relation to its overseas businesses, he said: “Overall, the Trinidad and Tobago market is by far our largest market. That is part and parcel of our strategy to invest in other economies going forward.”
The Group’s financial results show that profit before tax increased to TT$454 million from TT$432 million and revenues are up five per cent to TT$3,057 million from TT$2,899 million.
The earnings of TT$1.61 per share is an improvement of seven per cent.
In a statement to shareholders which accompanied the second quarter results, Sabga said: “Our strategies of growth, while containing expenses, have proven to be the right approach across the region and at home.”
The ANSA McAL board approved an interim dividend of TT$0.30 per share which will be paid on November 8.