Hurricanes cut into Goddard’s bottom line

A major financial hit by associated company Sagicor General Insurance Company has been identified as one of the drags on Goddard Enterprises Limited’s (GEL) financial performance during the 2017 financial year.

This was revealed in the conglomerate’s recently-released audited consolidated financials for the year ended September 30, which showed a near 100 per cent drop in the share of income from associated companies.

GEL holds a stake in Sagicor General Insurance company and in the Board Review signed by Chairman Charles Herbert and Managing Director Anthony Ali, the local conglomorate noted: “Our share of income from associates fell by 99.6 per cent due to the equity pick up of our share of the loss from Sagicor General Insurance Inc.”

The GEL senior officials acknowledged a “poor fourth quarter performance, which was solely attributable to the impact of Hurricane Maria in Dominica on the results of our insurance associate”.

They said the hurricane hit caused a nine cents “negative impact on our earnings per share”.

Despite this, Barbados’ largest conglomerate with companies across the region, Central and North America, experienced no decline in net profit which stood at $56.79 million, compared to $56.46 million in 2016.

“The group saw growth in most of its major sectors, even though revenues declined by 2.5 per cent due to challenges in the manufacturing and services division and the sale of two food businesses in 2016 as well as our rum businesses during the current year,” the report said.

The Goddard senior officials revealed that shareholder earnings increased from $37.8 million in 2016 to $41 million last year, representing an 8.4 per cent jump.

Bullish about the company’s future performance, the chairman and chief executive officer touted the group’s financial strength.

“Goddard Enterprises Limited continues to fall well within standards for all benchmark ratios. We are well poised for growth with our current cash flow levels and leverage capacity.

“The outlook for the group is positive, despite uncertainty in some markets in which we operate. We are focused on exciting initiatives for 2018 which accord well with our strategic plan and we are optimistic of continued growth for our shareholders,” they assured shareholders.

12 Responses to Hurricanes cut into Goddard’s bottom line

  1. Cranebeach January 5, 2018 at 11:54 am

    Surely we can take pride in this stellar based Barbadian company with strong regional operations, showing the importance of diversification.

    Reply
  2. Carson C. Cadogan January 5, 2018 at 1:52 pm

    Is Goddards one of the companies which owe the NIS and Govt. and wont payup???

    Reply
    • Crane Beach January 5, 2018 at 5:36 pm

      Why won’t the NIS and Inland Revenue publish a list of entities whose payments to these entities are in arrears? Could it be that we will see statutory corporations as well as businesses on the list? I doubt Goddard Enterprises Ltd. will be included.

      Reply
  3. Carson C. Cadogan January 5, 2018 at 2:28 pm

    CHARLES HERBERT really think that Black people are stupid.

    He is trying to fool them that 2017 was the worst year. But look at the evidence, Goddards made more money in Barbados in 2017 than it did in previous years. Also most of the companies that make up the Barbados private sector also made big profits as well in 2017.

    These people need to stop trying to create fear in the country so that their puppet party, the Barbados Labour Party, can have the edge over the other political parties.

    But also notice how Barbados Today is trying to cover up for CHARLES HERBERT,

    They say: “”Hurricanes cut into Goddard’s bottom line””

    Instead of the Barbados Today headlines saying:

    GODDARDS MAKE MONEY HAND OVER FIST IN BARBADOS IN 2017″”

    Reply
  4. Helicopter(8P) January 5, 2018 at 2:30 pm

    One question here share holders! What happened to the Admiralty Five Star Rum brand label of years ago? This rum brand was seen at a liquor store in Holliwood during the late sixties. That label should still be worth dollars as a logo.

    Reply
  5. Crane Beach January 5, 2018 at 3:59 pm

    To answer Carson Cadogan once and for all, the government should publish a list of ALL entities, private sector as well as statutory corporations, that owe NIS and the Government. Likewise, what should also be made public are the amounts owed by government to businesses. That would be a revelation for ALL Barbadians to know.

    Reply
  6. Phillip Goddard January 5, 2018 at 5:34 pm

    Goddard Enterprises Limited has never been delinquent in NIS payments from the very inception of the scheme.
    The continued increase in profitability despite the loss incurred due to insurance claims as a result of hurricane damage in Dominica is largely due to the company’s business activities in the region and Central and South America.

    Reply
    • Carson C. Cadogan January 5, 2018 at 5:51 pm

      ”Goddard Enterprises Limited has never been delinquent in NIS payments from the very inception of the scheme.”

      THAT IS VERY GOOD TO HEAR.

      How about asking some of your buddies to do their civic duty and pay up. Follow in your WONDERFUL footsteps.

      Reply
      • Big man January 5, 2018 at 7:36 pm

        One thing about Goddard’s Enterprises they don’t owe anybody, always pay they bills..

        The biggest problem with Goddard’s Enterprises

        (1) They have a Political Plantation owner as Chairman, who is a know it all Actuary who is trying hard to destabilized the Government of the day and manipulate the BWU.

        (2) They bypass Mr. Ian Alleyne and bring in a Trickadadian Muslim as CEO.

        (3) They won’t Promote no more Bajans and import Trickadadians as General Manager at Hipac Ltd and Hanschell Inniss Ltd and looking to bring More now the CEO want more of his country men and women onboard

        Tell Phillip Goddard explain that.

        Reply
  7. milli watt January 8, 2018 at 5:42 pm

    I losing a lot a sleep over this article…………..weeping for GODDARD

    Reply
  8. Carson C. Cadogan January 9, 2018 at 7:43 pm

    On CBC tv tonight news.

    Massy made a ton of money in Barbados for 2017.

    Yet CHARLES HERBERT trying to fool Black people that 2017 was the the worst year, yet nearly all companies operating in Barbados in 2017 made money like it was going out of style.

    These people need to stop telling so many lies. How do they sleep at night???

    Reply
  9. Adrian Hinds January 10, 2018 at 5:02 pm

    Charles Herbert is a disgust. I wouldn’t knowingly do business with any entity that he is associated with in anyway.

    Reply

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