| Trinidad (news.co.tt) – Trinidad and Tobago’s oldest conglomerate, Neal & Massy (N&M) Holdings Ltd & its subsidiaries, posted a net profit of $652.083 million for its financial year ended September 30, 2013, according to results published Wednesday.The group’s total comprehensive income for the year was higher than that of the comparable 2012 period,Wholesale Authentic Jerseys, when the group posted $477.635 million.Neal & Massy Chairman,Cheap NFL Jerseys, Arthur Lok JackThe group’s Automotive and Industrial Equipment business grew its profit before income tax in 2013, to $221 million from $195 million in 2012. Its Integrated Retail business’ profit before tax also grew when comparing the same two periods (2012 vs 2013) from $311 million to $329 million. Its insurance business almost doubled, going from $26 million to $46 million.The groups Energy and Industrial Gases business’ profit before tax fell from $211 million in 2012 to $192 million in 2013. Other investments declined but the overall profit before tax figure climbed from $801 million to $842 million.By country, T&T had the highest profit before income tax, with $600 million in 2013 and $575 million in 2012. The same figure for Barbados over the same period grew from $217 million in 2012 to $231 million in 2013. Guyana also grew, from $103 million in 2012 to $116 million in 2013. Jamaica declined from $48 million to $37 million.The board of directors of N&M declared a final dividend of $1.25 per share, making the total dividend $1.75 per share, based on the results for the financial year ended September 30,Jerseys From China Online, 2013.In his report, Neal & Massy Chairman Arthur Lok Jack said that “2013 marks the group’s 90th Anniversary from the original incorporation of Neal Engineering Company Limited in 1923. It has been another record-setting year of financial growth for the Neal & Massy Group. The Group’s Earnings Per Share grew by 18 per cent over 2012 to $5.73 per share. Profit After Tax from Continuing Operations grew by more than 12 per cent to $611 million,Jerseys NFL Wholesale, and third party revenue grew by 3 per cent to $9.4 billion.”The chairman said: “Automotive & Industrial Equipment and Insurance Business Units led the Group’s growth,China Jerseys Online, reporting 13 and 75 per cent growth in Profit Before Tax (PBT) respectively. The Energy & Industrial Gases Business Unit, however, finished below 2012 owing to losses on a few outstanding projects, narrowing margins in the LPG business in Jamaica, and the absence of the one-off contribution in 2012 from the sale of the oilfield WD-12 Lease.“Healthy growth was delivered in all of the territories in which the Group operates, with the lone exception being Jamaica. Currency devaluations and disappointing performance by NMH Trading & Distribution Ltd, led to a decline in earnings from that territory.“From 2012 to 2013, Group Shareholder Value Added also grew by $65 million further strengthening the Balance Sheet. The Group’s cash position fell from $1.3 billion to $1.1 billion, and the Debt to Debt and Equity declined from 30 per cent to 25 per cent.“In December 2013, after the end of Financial Year 2013,Wholesale China Jerseys, the sales of both Almond Beach Village and Almond Casuarina hotels were closed. This marks the end of the restructuring arising from the acquisition of BS&T and the fallout of the global financial crisis of 2009. All properties having been sold, Almond Resorts Inc and Casuarina Beach Club Limited will be wound up and liquidated.Throughout 2013, the Group made major strides in implementing its strategy. Its Business Units successfully executed acquisitions, such as Caribbean Insulation Services Limited, implemented innovative retail concepts, initiated projects to expand into new sectors such as petrochemicals, and launched new products and services. Furthermore, the Group made good progress in diversifying into new territories in Central and Latin America with specific acquisitions currently underway. |
