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Businessuite 2023 #1 Eastern Caribbean Chief Executive Officer – % Change in Profit after Tax |
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EC |
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US$000 |
US$000 |
% |
2023 |
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Company |
Chief Executive Officer |
2022 |
2021 |
Change |
1 |
EC-St. Kitts and Nevis |
S. L. Horsford & Co Ltd. |
Anthony Kelsick |
$3,892 |
$1,856 |
109.66% |
2 |
EC-St. Lucia |
East Caribbean Financial Holding Company |
Rolf Phillips |
$15,431 |
$8,473 |
82.13% |
3 |
EC-Grenada |
Republic Bank (Grenada) Limited |
Naomi E. DE Allie |
$3,849 |
$2,523 |
52.56% |
4 |
EC -Antigua and Barbuda |
The West Indies Oil Company Ltd. |
Gregory Georges |
$7,196 |
$6,827 |
5.40% |
5 |
EC-St. Vincent and the Grenadines |
Bank of St. Vincent and the Grenadines |
Derry Williams |
$1,077 |
$1,026 |
4.91% |
The Company experienced a strong recovery in 2022 as our economy, and that of the world, emerged from the Covid-19 pandemic.
Income Before Taxation of $13,263,250 increased by $6,428,465 or 94.06% versus 2021.
Similarly, Income After Taxation of $10,508,342 was greater than 2021 by $5,495,513 or 109.63%.
Basic Earnings Per Share for 2022 were $0.17 versus $0.08 for 2021.
Total Comprehensive Income was $10,499,469 versus $11,693,040 for 2021, a decrease of $1,193,571 or 10.21%.
This decrease in Total Comprehensive Income was due to the revaluation exercises on the property in 2021, which resulted in an overall gain in Other Comprehensive Income of $6,680,211 in that year.
Group Sales or Revenue for 2022 was $147,498,080 versus $130,952,148 for 2021, an increase of $16,545,932 or 12.64%.
Our Durable Goods sector increased by $8,402,963 or 15.95%, our Automotive Sector increased by $2,137,434 or 15.13%, and our Consumable Goods sector increased by $5,805,695 or 8.59%.
Gross Profit increased by $4,362,971 or 14.28% to $34,917,408.
Other Income increased by $1,029,820 or 10.55% to $10,793,457 due to an increase in Rental Income, primarily Car Rental Income due to the recovery of our travel sector, a gain on the sale of properties at South Independence Square and gains in Miscellaneous Income. These gains were partially offset by further declines in Interest Income caused by the declining Vehicle Financing and Furniture Hire Purchase portfolios.
The resulting Total Income increased by $5,392,791 or 13.38% to $45,710,865. Operating Expenses increased slightly by $257,717 or 0.75% to $34,813,387. Employment Costs remained on par with 2021, while the net changes in the other expense categories contributed to the net overall minor increase.
Operating Profit increased by $5,135,074 or 89.11% to $10,897,478.
The Share of Results from Associated Companies after tax was $2,476,108, an increase of $1,094,531 or 79.22%. The results of both St. Kitts Masonry Products Limited and Carib Brewery Limited increased for the year.
Finance Charges decreased by $198,860 or 64.32%.
Profit Before Income Tax increased by $6,428,465 or 94.06%.
Income Tax Expense was $2,754,908 versus $1,821,956 in 2021. The effective tax rate for 2022 was 25.54% versus 33.41% in 2021.
Profit For The Year increased by $5,495,513 or 109.63% to $10,508,342.
The sale of the South Independence Square properties resulted in the reclassification of $1,923,220 from the Revaluation Surplus to Retained Earnings, as shown in the Consolidated Statement of Changes in Equity.
The Group’s solvency strengthened significantly in 2022 to a position where the Company is now free of borrowings and has an overall cash surplus.
The economy continues to show signs of improvement as we emerge from the Covid-19 pandemic and the challenges presented by the pandemic. Accordingly, I expect further improvement in the Company’s performance in 2023.
Your directors recommend a Final Dividend of $0.0793 per share, which, along with the Interim Dividend of $0.0666, will result in a Total Annual Dividend of $0.1460 per share for a total of $8,801,016.
Anthony Kelsick Chairman and Managing Director of Horsford’s Group of Companies
S. L. Horsford & Co. Limited was founded in 1875 and incorporated in 1912.
Shares to the general public were first issued in 1990, signifying its conversion to a Public Company. Today, the company is a highly diversified business establishment involved in multiple retail, service, and manufacturing activities through its various departments and subsidiary companies. It has traded profitably since its incorporation.
S. L. Horsford & Company Limited comprises several operational departments and subsidiaries in St. Kitts and Nevis. Traded products and services include building materials, hardware, furniture, appliances, petroleum products, food, cars, trucks, insurance, shipping, car rentals, hire purchases, and consumer credit.
The key brands and principals represented include IGA, Nissan, Kia, Hyundai, SOL, Geest Line, King Ocean Services, Avis Rent-A-Car, Guardian General Insurance Limited, and Ashley Furniture. Actively trading subsidiary companies are Ocean Cold Storage (St. Kitts) Limited, S. L. Horsford Finance Company Limited, S. L. Horsford Nevis Limited, and S. L. Horsford Shipping Limited.
Associate companies include St. Kitts Masonry Products Limited, 50% owned, Carib Brewery (St. Kitts and Nevis) Limited, 20% owned, and St. Kitts Developments Limited, 30% owned.
S. L. Horsford & Co. Limited is listed on the Eastern Caribbean Securities Exchange.
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