PRESTIGE Holdings, the parent company of brands such as KFC and Starbucks, recorded its highest-ever pre-tax profit of $84 million last financial year, its financial results for the period have shown.
This “historical high”, according to Prestige Holdings, represented a 56% increase in the profit that the restaurant management company made for the corresponding period in 2022.
And helping Prestige Holdings achieve this milestone was the fact that its revenue for the period crossed the $1.3 billion mark.
“For the fiscal year 2023, group revenue increased by 20% to $1.3 billion from $1.1 billion in the previous year, and this resulted in a profit before tax of $84 million compared to $54 million in 2022, an increase of 56%,” Prestige Holdings’ chairman Christian Mouttet stated.
Mouttet said the financial year ended November 30, 2023 was one of investment and growth for the group.
“There has been significant effort and success towards returning our business operations to pre-pandemic levels, and achieving sustainable growth and profitability,” he stated.
Mouttet said that Prestige Holdings’ Diluted Earnings per Share increased by 58% from 56.8 cents to 89.6 cents.
“During the period, our group generated $182 million in Operating Cash Flow, repaid $22 million in debt, which reduced our total borrowings to $49 million, and we ended the year with $114 million in cash,” he stated.
Mouttet said at the end of the year Prestige Holdings operated 134 restaurants including five new units—four Starbucks in Trinidad and a Starbucks in Guyana.
The group also completed remodelling three KFCs and relocated one Starbucks during the period, he said.
“All of our brands posted significant operational and financial improvements over our prior year performance. The Group’s overall profitability of $84 million was a historical high and is reflective of the investments in our people and assets,” Mouttet stated.
“We have made significant investments in growing our operations, both in Trinidad and Tobago, as well as our external markets,” he stated.
Mouttet said the Starbucks in Guyana exceeded expectations and as such the organisation is looking to further its investments in that country by opening two more Starbucks there this year.
New stores are also planned for Trinidad this year, he said.
“In addition, throughout 2023, we continued to build on the innovation and progress that has been made in our digital, delivery and drive-through channels and expect that these platforms will continue to drive growth going forward,” he said.
The Prestige Holdings’ board approved a final dividend of 30 cents per common share, which with shareholders’ approval would take the total dividends payable for the financial year to 45 cents.
The final dividend will be paid on May 29.
“I wish to recognise and thank our dedicated and hard-working employees who have enthusiastically taken on the challenge of returning Prestige Holdings to a growth mindset and driven the improvements experienced in 2023,” Mouttet stated.
“The CEO, brand VPs and management team have been proactive in maximising on the investments made and successfully launching of a new market in Guyana. A very special thank you to our customers for remaining loyal to our brands, and for keeping us ‘in their hearts and minds for every eating experience’. Lastly, I wish to thank my fellow directors for their wisdom and counsel and for the support provided to management during the year,” Mouttet said.
The Prestige Holdings brands also include Subway, Pizza Hut, and TGI Fridays.
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