The West Indies Tobacco Company (WITCO) recorded $15.7 million more in revenue last year than it did in 2018, taking the company closer to making $1 billion in a single year, according to its latest audited results.
Despite this WITCO’s chairman Anthony Phillip said that “competition from the growing list of suspected illicit trade and low-price offerings” continues to be a matter of concern for the company and the industry as a whole.
For the year ended 31 December 2019, WITCO earned $935 million in revenue.
WITCO made $919 million for the year ended 31 December 2018.
“I am pleased to report that WITCO has recorded Profit Before Taxation of $607.8 million for the year ended 31 December 2019, a 3.5 per cent improvement over the same period last year and Total Comprehensive Income of $426.8 million,” Phillip stated.
“The improved business performance was achieved through the company’s balanced portfolio targeting consumers in each segment of the market, continued focus on innovation and ongoing review of cost-saving opportunities,” he stated.
Phillip said there was a notable improvement in efficiencies and productivity in the company’s Manufacturing Operations.
Originally WITCO’s annual general meeting was carded for March 27 but this was postponed because of “the necessary safeguards put in place by the Government of Trinidad and Tobago” to deal with the spread of the COVID-19 pandemic on T&T’s shores.
The WITCO board approved the payment of a fourth interim dividend of 40 cents per ordinary share payable on May 13, 2020.
During WITCO’s annual meeting held on Thursday a final dividend of 11 cents per ordinary share for the financial year ended 31 December 2019 was approved.
This brought the total dividend per ordinary share paid for 2019 to $1.57.
The dividend is payable on 30 September 2020.