Business
Shweta Sharma
The West Indian Tobacco Company Ltd (WITCO) recorded a profit of $277.1 million for the year ended December 31, 2023, reflecting a 5.9 per cent or $15.5 million increase over the previous financial year.
In its audited financial statements published on Thursday, WITCO reported a total comprehensive income of $279.2 million, an increase of $28.2 million or 11.2 per cent over the corresponding period in 2022.
Chairman Ingrid A Lashley in her review said, “This performance reflects the company’s transformation journey, which began in the first quarter of the 2022 financial year and continued with the consolidation of its distribution network in July 2023.
“This transition, critical for the long-term sustainability of our business, promises many benefits including improved efficiency, better customer contact and an extensive product offering.”
Inventory movements, market adjustments and consumer repositioning resulted in revenue growth of $31.1 million or 4.3 per cent compared to the previous year.
Lashley noted that innovation continues to be key to the company’s future growth and is well-positioned to lead the market via new products.
“We see this as a vehicle for changing the existing landscape while ensuring the sustainability of the company’s business and solidifying its contribution to the country’s socio-economic improvement,” she said.
Directors will recommend to shareholders a final dividend payment of $0.52 per share at the annual meeting on April 23. When added to the interim dividends of $0.52 per share, this will result in a total dividend of $1.04 per share for the financial year 2023.
The final dividend will be paid on May 25.
