2016 Businessuite Top Guyana CEO
Patricia Bacchus (Ms.)
CEO & Chairperson (acting)
Caribbean Container Inc.
|2016 Businessuite Top 10 Guyana Public Companies –|
|Ranked by 2015 % change in US$ Profit After Tax (‘000)|
|after Tax||after Tax||after Tax||after Tax|
|1||Patricia Bacchus (Ms.)||Caribbean Container Inc.||144,148||698||$30,275||$147||375.55%|
Performance highlights for 2015 include a 3.2% reduction in cost of sales, largely due to lower procurement cost of Fuel during 2015, along with continuous efforts by Management and Staff to meet and surpass performance efficiency ratios. Significant work was undertaken during 2015 on retooling, with capital expenditure recorded at $49.4 million, a 208% increase over the capital expenditure of $16 million recorded in 2014.
Patricia Bacchus, LLB (Distinction) makes her first appearance at the top of the Businessuite Top CEO for Guyana.
An Attorney-at-Law by Training, Ms. Bacchus is the Chief Executive Officer of Caribbean Container Inc. (formerly SAPIL) a Publicly Traded Manufacturing Company.
Ms. Bacchus offers a blend of expertise in Executive Administration and Operational Management combined with a strong bias for legal and systems compliance as well as corporate governance best practices. She is a skilled negotiator and solution oriented professional, particularly in the areas of dispute resolution and risk mitigation. Proven success in corporate and operational restructuring with skills in cost reduction and profit oriented reformulation of Management Systems, Administrative and HR Policies.
She currently sits on the Council and previously sat on the Executive Management Committee of the Private Sector Commission. She was initially appointed to the Board of Directors of GO-Invest in 2015, and in January of 2016 Ms. Bacchus was appointed Chairperson of the Board of GO-Invest for the years 2016 and 2017. Currently, she also sits as a Director on the Board of Atlantic Hotels Inc. (Marriott) and as Director on the Privatization Board.
Caribbean Container Inc. (CCI) operates the only Paper Recycling Mill in Caricom, manufacturing Linerboard and fluting medium, using waste paper as feedstock. The Company’s adjacent Box-Plant, uses as the primary raw material – paper produced by the Mill, to manufacture four colour printed corrugated packaging as well as fiberboard fitments. CCI’s packaging is well received across Caricom with forty percent of production exported to Caricom customers. Domestic collections of waste paper (OCC grade) removes from the local waste stream the equivalent of 1,200 cubic meters of landfill space monthly.
CCI’s Performance in 2015:
In spite of the volatile economic conditions in 2015, I am happy to report another year of strong performance by the Company. Turnover for the year was $1.075 billion, 1.55% above 2014, with Gross Profit for 2015 recorded at $261.54 million, 20.3% above 2014. Accordingly, the 2015 Profit before Tax was recorded at $86.5 million, a monumental 83.7% increase over 2014.
Profit after Tax for 2015 stood at $144.1 million, 227% above that of 2014. It is imperative to note that this amount is inclusive of a credit of $78.3 million representing the recognition and taking up of $68 million in deferred tax asset and a $10.3 million tax credit on timing difference (see note 22). Without these adjustments, profit after tax would have been recorded at $65.6 million. Basic Earnings per Share at the end of 2015 was consequently $0.96, a 231% increase over the 2014 Basic Earnings per Share of $0.29.
Notably also, Net Current Assets at the end of 2015 stood at $361.9 million, an increase of 36% over the 2014 Net Current Assets of $266.1 million, demonstrating sound growth in the company’s working capital. I am pleased to advise that based on the performance of the Company in 2015, the Board of Directors recommend the declaration of a Final Dividend of $0.20 per ordinary share, a 100% increase over the Dividends declared and paid for the financial years 2014.