WIBISCO joy

Shareholders in local biscuit company reap financial rewards

Shareholders in the West Indian Biscuit Company (WIBISCO) are smiling all the way to the bank but most of the glee is in Trinidad and Tobago.

That’s because shares in the Gills Road, Bridgetown biscuit manufacturer are among the highest paying on the local stock exchange, but the biggest beneficiaries are Trinidadians.

In the company’s recently-published audited consolidated financial statements for the year ending August 31, 2007, WIBISCO paid total dividends for the year of $.80 per share which is on par with 2016, making it among the few high-yielding equities on the Barbados Stock Exchange (BSE).

WIBISCO, which was formed in 1850, is however, still to top the whopping $2.05 per share it paid out in 2013.

While the company is yet to declare its total dividends for the 2017 financial year, last year WIBISCO paid $2.4 million in dividends to shareholders.

The bulk of those dividend payments headed to Port-of-Spain as most of the century-old biscuit company’s shareholders are in Trinidad and Tobago.

The major shareholders in WIBISCO are the Bermudez Group Limited, Bermudez Biscuit Company and Russell Investments Limited.

“The year under review saw an increase in revenues of 4.5 per cent above prior year with profit after tax increasing by 6.4 per cent.  This resulted in earnings of 296.4 cents per share compared to 278.6 cents per share in 2016.

“The directors have declared a final dividend of 55 cents per share which brings the total dividend for the year to 80 cents per share,” long-serving chairman David Bynoe said in his report accompanying the financials.

Bynoe told shareholders the company continued to focus on its export markets with revenues from the key area growing by eight per cent this year.

The company’s financial performance improved with retained earnings of $54.4 million up from $47.9 million in 2016 and after tax $10.85 million, up from the $9.48 million of 2016.

At the same time, the WIBISCO chairman sounded a note of caution.

“The immediate outlook for the business is challenging with current economic conditions prevailing in the country as indicated in the recent Standard & Poor’s downgrades of the country.

“We are, however, confident in our ability to satisfy our customers with the help of our very committed employees . . . . The 2017 financial result delivered by the company was an acceptable one and I believe that WIBISCO is well placed to continue to reward its shareholders, staff and customers in the years ahead,” Bynoe noted.

WIBISCO listed on the BSE in 1987 but ended up in the hands of the Bermudez Group in Trinidad when in 1996 Barbados Shipping & Trading sold its 30 per cent stake in WIBISCO to the Bermudez Biscuit Group, and it already had a sizeable share of WIBISCO shares.

The local company over the years has, however, benefited from Bermudez significant regional footprint and multi-million-dollar investments in plant and equipment.

13 Responses to WIBISCO joy

  1. Alex Alleyne December 5, 2017 at 3:28 am

    T&T still cleaning up off BDS. …..Mo Money, Mo $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$.

    Reply
    • Jennifer December 5, 2017 at 4:11 am

      Why should’t they Alex?????????? And we know who the few “bajans” are.

      Reply
      • Jennifer December 5, 2017 at 4:19 am

        We as a people always tend to look at who is profittering, or getting through but never the why or how and why this people keep stuck with the rock on top. Mind u the rock we luv is equally significant and important.

        Reply
  2. Jennifer December 5, 2017 at 4:51 am

    God, this rod and that sleeping kundilini.
    Forget about downgrades – biscuits aka comfort food will still swing.
    Maybe Alex this people love to be con-sume-rs – there is a tripple whammy in the word.

    Reply
  3. Alex Alleyne December 5, 2017 at 7:17 am

    @J , 4:51 am, true .

    Reply
  4. Greengiant December 5, 2017 at 7:28 am

    That’s why we need taxes on revenue earned and not profits.

    Reply
  5. Alex Alleyne December 5, 2017 at 8:11 am

    @Jennifer, do you think that we (BAJANS) will be allowed to purchase some “shares” in the oil company that Government just sell off ?, cos there is a lot of $$$$$$$ in OIL.
    Why must we BLACKS be always be the faces at the bottom of the well………especially in BIM.

    Reply
    • Jennifer December 5, 2017 at 8:48 am

      The thing is why did our black government not sell us the shares in the first place and then set up a watchdog.

      Reply
      • Jennifer December 5, 2017 at 8:51 am

        But the said dog may bite them.

        Reply
  6. F.A.Rudder December 5, 2017 at 11:29 am

    WIBISCO’s marketing in New York is quite visible. Supermarkets have adequate stock as I look around the isles. Pine Hill has to keep its consistency up. So sorry we are not the majority of stock with WABISCO ! looking back at sugar cane, and not paying attention to diversification has left us what we have today. Foreign exchange must be kept in check by lessor transportation expenditure, and food imports!

    Reply
  7. milli watt December 5, 2017 at 12:58 pm

    all yuh at artistry spending on consumption and still want to be at WIBISCO pulling profit………..stupse. I already got a 2.5 million house outtah all yuh an lookin for another (say it wid a trini accent)

    Reply
  8. Ric December 5, 2017 at 1:58 pm

    Gosh blimmah, a pack of sodabix is almost $2 – not of my so and so money.

    Reply
  9. Alex Alleyne December 5, 2017 at 4:40 pm

    $2.00 and smaller than before when the price was less.

    Reply

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