Basseterre, St. Kitts, August 04, 2017 (SKNIS):Prime Minister Dr. the Honourable Timothy Harris used the occasion of his monthly press conference to share the significant financial performance of several local companies with members of the media onWednesday, August 02.
The information came on the heels of his update on the 13 percent reduction in the public debt and the expected growth of the economy by about 3 to 3.5 percentin 2017. He began by highlighting companies that had reported their best financial period for 2016.
Dr. Harris said that Ram’s Trading Ltd. reported its best financial year in 2016. Ram’s opened a brand new supermarket,which Dr. Harris described as“one of the best in the region according to its customers.” The company, according to the prime minister, is presently expanding at Port Zante as well. Ram’s Trading Ltd. is a family operated business, established on St. Kitts in 1935 andtheir portfolio currently includes a variety of businesses such as duty-free shops, supermarkets and distribution services.
Prime Minister Harris noted that Scotiabank had also reported its best financial year in 2016 and that it “received notice and recognition by the prestigious Financial Times out of London as being Scotia’s most outstanding bank around the world and the Caribbean region in particular.”Scotiabank has been operating in St. Kitts since 1982 and currently operates three branches across the federation, which offer a range of retail and commercial banking services.
Meanwhile, two of the largest companies in St. Kitts and Nevis had also done remarkably well. The first beingHorsford’s Group of Companies, which, Dr. Harris said, reported its best financial year in 2016and was“the best in 142-year history in St. Kitts and Nevis.”The Horsford’s roots in St. Kitts date back to 1875 and is involved in multiple trading, service and manufacturing activities through its various departments and subsidiary companies. The second was TDC Group of Companies.
“…the news came out that TDC doubled its operating profit for the financial year just ended 2016/2017…the profit for the TDC Group moved from $5.5 million to $12.9 million, an increase of 137 percent in one year,” Dr. Harris said, adding that subsidiaries of TDC“City Drug Store Nevis Ltd and TDC Business Centre (St Kitts) reported profit before tax 80 percent higher….than those of the preceding financial year 2015/16” and that “the number of flights handled by TDC Airlines increased by 20 percent.” Incorporated in 1973, the St. Kitts Nevis Anguilla Trading and Development Company Limited (TDC) is the parent company of a group of diversified companies involved in trading, finance, insurance and tourism related services.
The prime minister said that automobile sales were up as well and that the automotive divisions sold more vehicles in 2016 than at any period prior in its history. “They did so well, according to their directors, that Toyota and Suzuki, way yonder overseas – Japan, commended them for exceeding sales target.”
He noted that the St. Kitts Co-operative Credit Union Ltd. had a membership of 14,491 on record in 2016,which was an increase of 689 members over the previous year and that the Credit Union, “according to its report, now haBasseterre, St. Kitts, August 04, 2017 (SKNIS):Prime Minister Dr. the Honourable Timothy Harris used the occasion of his monthly press conference to share the significant financial performance of several local companies with members of the media onWednesday, August 02.
The information came on the heels of his update on the 13 percent reduction in the public debt and the expected growth of the economy by about 3 to 3.5 percentin 2017. He began by highlighting companies that had reported their best financial period for 2016.
Dr. Harris said that Ram’s Trading Ltd. reported its best financial year in 2016. Ram’s opened a brand new supermarket,which Dr. Harris described as“one of the best in the region according to its customers.” The company, according to the prime minister, is presently expanding at Port Zante as well. Ram’s Trading Ltd. is a family operated business, established on St. Kitts in 1935 andtheir portfolio currently includes a variety of businesses such as duty-free shops, supermarkets and distribution services.
Prime Minister Harris noted that Scotiabank had also reported its best financial year in 2016 and that it “received notice and recognition by the prestigious Financial Times out of London as being Scotia’s most outstanding bank around the world and the Caribbean region in particular.”Scotiabank has been operating in St. Kitts since 1982 and currently operates three branches across the federation, which offer a range of retail and commercial banking services.
Meanwhile, two of the largest companies in St. Kitts and Nevis had also done remarkably well. The first beingHorsford’s Group of Companies, which, Dr. Harris said, reported its best financial year in 2016and was“the best in 142-year history in St. Kitts and Nevis.”The Horsford’s roots in St. Kitts date back to 1875 and is involved in multiple trading, service and manufacturing activities through its various departments and subsidiary companies. The second was TDC Group of Companies.
“…the news came out that TDC doubled its operating profit for the financial year just ended 2016/2017…the profit for the TDC Group moved from $5.5 million to $12.9s assets totaling 123.5 million.” Dr. Harris said, “Its loan portfolio increased by six percent to $75.4 million. Savings climbed by 10 percent to reach $96.9 million and I understand that its net surplus grew 23 percent in 2016 over 2015.”The St. Kitts Co-operative Credit Union’s website states that it started with only 15 members and less than one thousand dollars.
The prime minister also made reference to the Police Cooperative Credit Union which he said paid out 20 percent dividends to its members as it was “having an outstanding financial.”
