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Pretax profit increased 10.2 percent at Trinidad based West Indian Tobacco to $438.7 million, for the nine months to September 2018, over the similar period in 2017 while Profit after tax increased 10 percent to $303 million over 2017, from increased revenues of 9.5 percent to $862 million from $787 million.
For the September quarter, revenues grew 6.4 percent to $292 million from $274 million and resulted in profit after tax rising 12.5 percent to $109.6 million. The company benefitted from improved gross profit margins in both periods, with 65 percent in the quarter versus 61.5 percent in 2017, while the nine months improved to 61.8 percent from 60.44 percent in 2017. Distribution cost more than doubled to $8.4 million in the quarter from $3.5 million in 2017 and rose sharply from $9.9 million in 2017 to September to $18.7 million. Administrative and other operating expenses declined for the quarter to $18 million from $23.7 million while the nine months rose from $68 million to $77 million.
Profit for the 2018 fiscal year, declined to $380 million from $515.5 million in 2016 as increased taxation on profits and cigarettes negatively impacted sales and the results.
Earnings per share for the quarter amounted to $1.30 and $3.60 for the nine months, with the full years likely to exceed $5 and resulting in a PE ratio of 18 times earnings.
The stock will be split into three shares for each existing one held by shareholders and will make the price and liquidity going forward, more attractive for investors. The stock last traded at $90 on the Trinidad and Tobago Stock Exchange.
The Board approved the payment of a third interim dividend of $1.17 per ordinary share payable on 26 November 2018, to shareholders of record at close of business on November 5.

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