DAVIS… our Jamaican crew contributed impressively to the pharmaceutical and well being care group’s development and strategic positioning out there.
Well being Manufacturers Restricted, a Jamaican subsidiary of Trinidadian outfit Agostini’s Restricted, noticed a 20 per cent bounce in income after it started distributing the Carlisle Laboratories portfolio of merchandise within the Jamaican market.
This was revealed in Agostini’s lately revealed 2024 annual report. Well being Manufacturers is a Jamaican pharmaceutical distributor which provides greater than 41 medicine to the Nationwide Well being Fund (NHF) and provides different segments of the Jamaican health-care market.
Agostini’s acquired Well being Manufacturers from Smith Russell & Firm Restricted, an organization owned by Athol Smith and Kathleen Russel, in August 2023, for TT$156.42-million (J$3.56-billion). Agostini’s appointed Glenise Durrant-Freckleton as chief govt officer (CEO) of the enterprise which acquired a lift from integrating with the general Agostini’s group of firms and the Carlisle Laboratories portfolio.
That Carlisle Laboratories portfolio was beforehand distributed by Massy Distribution (Jamaica) Restricted up till the top of 2023 earlier than it moved to Well being Manufacturers in January 2024. A number of the well-known merchandise in that Carlisle portfolio embody Histal, Histatussin, Dica and Caribe Balsam merchandise that are staples on most pharmacy cabinets. Carlisle Laboratories is a pharmaceutical producer primarily based in Barbados that exports to twenty markets throughout the Caribbean. Agostini’s acquired the Barbadian Collins Group in December 2022 for TT$211.10 million (J$7.23 billion), which included Carlisle Laboratories, that resulted in a TT$113.27 million acquire on acquisition.
“This was the primary full 12 months of Well being Manufacturers operations inside Agostini’s Restricted and our Jamaican crew contributed impressively to the Pharmaceutical and Healthcare group’s development and strategic positioning out there,” mentioned Barry Davis, the lately appointed CEO of Agostini’s Restricted within the annual report.
Agostini’s featured three Jamaicans in its annual report whereas noting that Well being Manufacturers donated TT$2.75 million (J$63.89 million) to numerous charities in 2024. Roger Farah chaired the Well being Manufacturers board for the final two years however retired as chairman of the general Agostini’s Pharmaceutical and Healthcare Group in September 2024.
Massy Holdings Restricted, mum or dad firm of Massy Distribution (Jamaica), talked about in its 2024 annual report that they skilled challenges associated to the lack of the Carlisle portfolio and that this impression was partially offset by the addition of recent traces throughout 2024.
“We had a difficult 12 months as a result of we’d have misplaced a really massive pharmaceutical line, Carlisle Labs, and the rationale for it was a merger that occurred, and it could have gone with that accomplice that acquired the road. Outisde of that one line that was misplaced, the efficiency was flat, however we’ve been getting different traces [and] including to the portfolio. So, we anticipate an excellent 12 months this [financial] 12 months,” said Ambikah Mongroo, chairperson of the Massy Built-in Retail portfolio on November 29.
Agostini’s has been on a large acquisition spree over the past three years because it seeks to deepen its presence within the pharmaceutical and private care area. Agostini’s acquired three Aventa firms in Aruba and Curaçao on June 28 for TT$100.48 million. The three firms, Aventa Aruba N.V., Aventa N.V. (Curaçao) and d Pharmaceutical Warehousing Integrated (Curaçao) are concerned within the pharmaceutical and private care distribution area. This acquisition represented its first entry within the Dutch Caribbean and was almost a 12 months after it entered the Jamaican market place.
Superpharm Restricted acquired the property and operations of 10 in-house pharmacies situated inside Massy Supermarkets in Trinidad & Tobago for TT$22 million on September 28. These Massy Pharmacies have been rebranded to Mpharmacy. Superpharm additionally acquired the property of Linda’s Bakery Restricted, which included 13 areas throughout Trinidad for TT$5.5 million on April 29. Rosco Procom Restricted additionally acquired the enterprise identify and property of Savco Energy Restricted for TT$1.74 million on June 1.
Agostini’s appointed Donnia Sooklal because the Chief Transformation Officer – Pharmaceutical Group on Might 20 and promoted James Walker from Chief Technique Officer to CEO – Pharmaceutical Group on June 1.
Agostini’s scored one other massive win on January 15 when its subsidiary Smith Robertson & Firm Restricted was appointed the nationwide distributor for Unilever Caribbean Restricted’s Magnificence and Private Care classes in Trinidad & Tobago. Micon Advertising and marketing Restricted, a subsidiary of A.S. Bryden & Sons Holdings Restricted, was appointed the nationwide distributor for the Residence Care & Vitamin classes.
Agostini’s operates in three segments which embody pharmaceutical and well being care (P&H), shopper merchandise and vitality, industrial and holdings (E&H). All three segments reported an enchancment in income for the 2024 monetary 12 months with P&H contributing TT$1.87 billion, shopper merchandise contributing TT$2.94 billion and E&H contributing TT$285.98 million. The P&H section grew web revenue by 5 per cent to TT$147.68 million whereas the patron merchandise section noticed a marginal improve to TT$152.67 million. E&H noticed a two-thirds minimize in web revenue to TT$23.09 million as there was no repeat in acquisition positive factors for the interval.
On a consolidated foundation, Agostini’s grew income by 9 per cent to TT$5.09 billion (J$118.33 billion) with working revenue growing 9 per cent to TT$517.78 million. Consolidated web revenue was down 11 per cent to TT$323.44 million attributable to there being no acquisition acquire. On a normalised foundation, web revenue could be up eight per cent. Web revenue attributable to shareholders was TT$242.29 million.
Agostini’s asset base grew 10 per cent to TT$4.70 billion with non-current property at TT$2.26 billion and money at TT$277.72 million. Whole liabilities elevated 12 per cent to TT$2.36 billion because the group took on extra debt for acquisitions whereas whole fairness elevated 9 per cent to TT$2.34 billion, with fairness attributable to shareholders at TT$1.81 billion.
Agostini’s inventory worth closed at TT$66 on Tuesday which left it down one per cent in January with a market capitalisation of TT$4.56 billion. Agostini’s can pay a TT$1.13 dividend totalling TT$78.09 million on February 14 to shareholders on document as of January 17. Victor E Mouttet Restricted will obtain TT$37.88 million from its 48.51 per cent stake.
Agotini’s will maintain its 81st annual common assembly (AGM) at 10 am on February 13 by the Hyatt Regency — Port of Spain Ballroom. Shareholders will get the chance to elect Caroline Toni Sirju-Ramnarine and Nicholas Sinanan who have been lately appointed to the corporate’s board of administrators. Trevor Nicholas Gomez and Joanna Banks, an govt vp at Sagicor Group Jamaica Restricted, retire by rotation and have supplied themselves for re-election. Amalia Maharaj, Gregor Nassie and Roger Farah will retire as administrators of Agostini’s on the finish of this AGM. Former Group CEO Anthony Agostini retired in January 2024.
A particular enterprise merchandise for the AGM shall be a proposed identify change from Agostini’s Restricted to Agostini Restricted.
