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DDL Group profits rise 26 percent
- building digitally-controlled blending plant
The sprawling DDL compound at Diamond, East Bank Demerara.
Demerara Distillers Limited (DDL) has announced that last year, the Group recorded its highest revenue ever.
Total revenue for the year was $21.862 billion, an increase of $2.378 billion or a 12% increase on the total revenue of $19.569 billion recorded in the previous year.
The Group Profit after tax was $3.279 billion compared to$2.6 billion in 2017, an increase of $679 million, or 26%.
Group Profit before tax was for the year was $4.362 billion compared to $3.551 billion in the previous year, an increase of $810 million, or 23%.
Earnings per share were $4.26 compared to $3.38 the previous year.
In the just released Annual Report, DDL Group Chairman, Komal Samaroo, said to shareholders that the 2018 financial year was another successful year.
“Revenue, both local and international, continued to show encouraging growth while significant progress was made in key areas of diversification.”
During 2018, DDL said it focused on capital projects that support the core business as well as projects that are a part of the ongoing programme of diversification.
On March 16, 2018 a barrel warehouse facility was commissioned.
The construction and commissioning of the new warehouse serves to increase rum aging capacity by another 30,000 barrels.
In October, preparatory work for the construction of a new and modern blending plant started.
According to DDL, the plant will utilize the latest digital technology to improve operational efficiency, reduce costs and will also replace the existing blending operations.
This new blending plant, which is estimated to cost $465m, is expected to be completed by the end of June 2019.
For 2018, Shareholders Funds increased by 16%. Capital Expenditure totaling $2.187 billion, incurred during the year, was all financed by self-generated funds.
Additionally, bank borrowing, in the form of loans and overdraft, was reduced by $1.437 billion from funds generated by the Group in the year. The net debt to equity ratio at the end of the year improved from 0.13:1 in 2017 to 0.06:1 in 2018.
The DDL group is involved in the production of the world-renowned El Dorado line of rums, juices, with the franchise on Pepsi. It also is involved in distribution and shipping.
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