WITCO’s headquarters in Champs Fleurs

West Indian Tobacco is the latest company to record a reduction in profit in 2020.

In its financial statement the Company reported it had recorded Profit Before Taxation of $588.1 million, for the year ended 31st December 2020.

This is a drop of $19.7 million or a 3.2 per cent decrease compared to last year’s figure. Profit for the period is $410 million reflecting a decline of $8.2 million or 2% over 2019.

In his Chairman’s report, Anthony E Phillip said, “These results reflect the impact of COVID-19 on the business amidst a weak economic environment coupled with increase in Excise tax in 2020.”

The Witco chairman also expressed his concern about black market sales.“Competition from the growing list of suspected illicit trade and low-price offerings continue to engage the industry, as a matter of concern,” he said.

He however praised the company’s resilience during the difficult period.

“Despite the restrictive measures of COVID-19 and the closure of the Factory for five weeks, the company was fast and agile in adapting to the new way of work. Our Route to Market processes were amended to reflect the new realities ensuring that our products were available to all our Customers on time and in full. Additionally, cost saving opportunities were realized by simplifying key business processes all the while ensuring that 100% of our employees were retained,” he said.”