Trinidad Stock Exchange

Trinidad’s Readmix goes private

July 14, 2017 by IC Insider.com

TCL now has 97.23% of Readymix shares.

Trinidad Cement (TCL) acquired most of the shares of Readymix following the offer to minority shareholders to buy out their shares at TT$11 each.
Following the offer TCL now owns 97.23 percent of the Readymix shares. TCL in a recent release advised the minority shareholders that they can still sell their shares to the company and they also advised that an application was made to the Trinidad Stock Exchange to have the Readymix shares delisted.
Readymix has struggled to make a profit recently and with the Trinidad economy in recession, the situation became worse and would require finding areas of cost to cut to get the operations into a state of minimal cost. Acquisition of all the shares would end up reducing cost in a number of areas.

Filed Under: Company News, General Business News, Street News & Views Tagged With: Readymix, Trinidad Cement, Trinidad Stock Exchange

Unilever trying to recover from IT issues

August 10, 2015 by IC Insider.com

Some of Unilever products

Unilever Caribbean operations suffered from dislocations associated with a new IT platform, resulting decline in sales and profit particularly in the first quarter.
The company has now reported that in the second quarter the issues were resolved and service levels are now fully restored to our customers, thanks to enormous effort by employees succeeded in bringing about the turnaround. Despite these efforts, half year sales declined by 10.3%, driven predominantly by the declines in the first quarter performance. Profit after tax fell to $18.3 million down from $30.8 million in the prior year six months period. Earnings per share were 70 cents compared to 117 cents in the prior year. For the June quarter, the company generated revenues of $140.5 million versus $148 million in 2014 resulting in aftertax profit hitting $12.5 million from $17 million in 2014. A fall in selling, distribution and administrative cost in the 2015 second quarter versus 2014 helped cushioning the fall off in revenues and decline in gross profit that fell by $8.6 million, in 2014 there was $5.4 million in other revenues with none being earned in 2015.
“Looking forward we expect the challenges of the regional economies to impact our growth prospects. In Trinidad and Tobago the uncertainty of the upcoming elections continues to affect the business environment. Regionally, recovery continues to be slow due to the depreciation of local currencies and shortage of US dollars across markets, which is cause for concern. While the recovery from the first half of the year remains a challenge, Unilever Caribbean is optimistic that the investment in our new IT systems and infrastructure will build the foundation for future growth. However, at this time the outlook for the rest of the year remains moderate” Pablo Garrido, Chairman of the company reported to shareholders.
The stock last traded on the at $67 placing the PE at over 30 times earnings.

Filed Under: Company News, Company Results Tagged With: Trinidad Stock Exchange, Unilever Caribbean

Profit up 171% for National Enterprises

July 5, 2015 by IC Insider.com
National Flour – one of the companies that NEL has interest in
National Enterprises (NEL), a holding company for a series of investments in other major enterprises formerly controlled directly by the Trinidad government, recorded a profit of $490 million for the year ended March 2015, compared to $181 million in the previous year, an increase of 171 percent with earnings per share of 80 cents, compared to 32 cents for the prior year.
“Your Board’s strategic decisions to pursue a diversification strategy by seeking new investments and strengthening management has also started to produce results” Kenny Lue Chee Lip, Chairman of the company stated in a release to the Trinidad & Tobago Stock Exchange recently.
Trinidad Telecom produced higher results of $85 million, up from a loss of $226 million and Trinidad Nitrogen Company $157 million versus $192 million in 2014 and $29 million. National Flour Mills in which NEL owns 51 percent also reported improved earnings, this company is listed on the Trinidad Stock Exchange.
NEL expects dividend income of $318 million compared to $305 million in 2014. NEL received the first full year earnings from its investment in a 10 percent shareholding in Powergen yielding $11.5 million in dividends, as well as dividends from the investments in First Citizens Bank and Clico Investment Fund. An investment in November, 2014 in Pan West Engineers LLC (the owner of 10 percent of Phoenix Park Gas Processors Limited) as a member of a consortium produced dividends of $9.8 million.
A final dividend of 27 cents is proposed which when added to the interim dividend of 23 cents gives a total dividend of 50 cents for the year (2014: 46 cents).
The value of each of the 600 million issued shares is $5.67 each and the stock last traded on the Trinidad and Tobago Stock Exchange at TT$17.21.

Filed Under: Company News, Company Results Tagged With: clico, First Citizens, National Enterprises, National Flour Mills, Phoenix Park Gas Processors Limited, Trinidad Stock Exchange, TTSE

Witco in big trade on TTSE

June 17, 2015 by IC Insider.com
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Trading picked up on the Trinidad Stock Exchange on Wednesday from Tuesday lacklustre performance on Tuesday with Trinidad Cement over 215,000 shares and West Indian Tobacco having $5.55 million of the value of trading. Trading ended with 13 securities changing hands of which 3 advanced, 3 declined and 7 traded firm, with a total of 544,601 shares, valued at $7,207,809, compared to just 26,774 units, valued at $603,287 on Tuesday.
At the close of the market, the Composite Index remained unchanged at 1,161.56, the All T&T Index fell by 0.12 points to close at 1,969.05 and the Cross Listed Index advanced by 0.02 points to 46.47.
Gains| Stocks increasing in price at the close are, Point Lisas trading 91,315 shares with a value of $349,736 and gained 2 cents to $3.83, Sagicor Financial Corporation trading 4,000 shares to close, 5 cents up at $6.30 and West Indian Tobacco trading 44,288 shares valued at $5,558,144 to end with a gain of 9 cents at $125.50.
Declines| The stocks declining at the end of trading are, Ansa Merchant Bank with 200 shares trading to close lower by 4 cents at $38.90, First Citizens Bank trading 5,184 shares lost 6 cents in closing at $35.75 and Republic Bank lost 3 cents in trading 1,000 shares at a new 52 weeks’ low of $114.93.
Firm Trades| Stocks closing with prices unchanged at the end of trading are, Clico Investment Fund with 1,740 shares to close at $22.57, Grace Kennedy had 45,670 units changing hands at $3.53, Guardian Holdings had 2,000 shares changing hands at $14. JMMB Group trading just 130,000 shares to close at 45 cents, National Enterprises had 1,000 units trading at $17.19, Scotiabank with 500 shares trading, closed at $62.15 and Trinidad Cement trading 217,704 units valued at $631,342 to close at $2.90.
IC bid-offer Indicator| At the end of trading the Investor’s Choice bid-offer indicator shows 3 stocks with the bid higher than their last selling prices and 3 with the offer that is lower.

Filed Under: Stock Market, TTSE Market Tagged With: Ansa Merchant Bank, Daily Trading, First Citizens, Grace Kennedy, Guardian Holdings, JMMB, National Enterprises, Point Lisas, Republic Bank, Sagicor, Trading Activity, Trinidad Stock Exchange, West Indian Tobacco