Angostura's operations in Laventille

Drinkers spent $54.5 million more on local rum last year than they did in 2019.

This is according to Angostura Holdings Limited’s audited financial statement for the year ended December 31, 2020.

Angostura made $905.4 million in revenue last year.In 2019, Angostura earned $847.2 million.

“Revenue growth of $58.2 million or 6.9 per cent was due primarily to the performance of the local market which contributed 70 per cent of overall sales and grew by 10.7 per cent or $61.1 million in 2020,” Angostura’s chairman Terrence Bharath stated.

“The local rum segment contributed 93.8 per cent of total revenue growth, as increased purchasing via supermarkets and wholesalers compensated for the closure of bars and restaurants arising from the restrictions associated with the COVID-19 pandemic,” Bharath stated.

Bharath added that innovation in 2020, amid the global pandemic, led by Angostura Cocoa Bitters resulted in revenue growth in the United States market.

“We were able to list Cocoa Bitters in over 1,000 Walmart stores across the USA. The overall bitters segment grew by 19.3 per cent ($34.5 million) as Cocoa Bitters boosted the brand and contributed to the soaring of at-home cocktail consumption in major international markets,” Bharath stated.

Angostura made a profit of $145.6 million last year.

“During this year of unplanned and unanticipated events that cowered our markets and our ability to expand our international focus as planned, we nonetheless focused on growth via innovation, and strategic profitability despite the challenges of the global pandemic,” he stated.

“We adapted readily to evolving regulations, stipulations and protectionary measures locally, regionally and internationally, which affected supply chain, exports and consumption trends.

“Above all, in the face of the global pandemic, we sought to remain dynamic, to innovate and at the same time enhance and modernise our waste water treatment plant by being environmentally conscious,” Bharath stated.

A final dividend of 30 cents with a payment date of September 21 has been recommended by the Angostura Holdings board.