Latest update July 10th, 2026 12:59 AM
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Three more Starbucks cafes for Guyana
…as Prestige eyes deeper expansion despite profit slump from rising costs
Trinidad company, Prestige Holdings says its strong-performing operations in Guyana remain a key part of its regional growth strategy, even as the restaurant operator reported a sharp decline in profits for the six-month period ended May 31, 2026, citing higher supplier costs, increased national insurance contributions and foreign exchange constraints.
According to the restaurant management company’s financial report for the half year, profit attributable to shareholders for the six-month period declined by 45.7 per cent, falling to $34.8 million for the same period in 2025.
Prestige Holdings, Chairman Christian Mouttet
Prestige Holdings chairman Christian Mouttet noted the restaurant management company had seen increased sales volumes, with revenue increasing by 1.3 per cent to $707 million in the previous year, but a series of increased expenses impacted the company’s profits.
Mouttet said, “Notably, increased foreign exchange costs to settle foreign payables by accessing alternative currencies and currency swaps through the banking system at rates that were much higher than our inputs were originally costed, increased national insurance contributions and increases in costs from local suppliers.”
He continued, “We have implemented several initiatives to address these increased costs, including alternative supply chain options, menu changes and efficiency improvements. We expect these actions to benefit our bottom-line performance as the financial year progresses, and we remain confident in the group’s long-term performance and growth prospects.”
The company is the local operator of popular international franchises including KFC, Pizza Hut, Subway, Starbucks and TGI Fridays.
Mouttet confirmed the company was seeking more expansion opportunities outside of Trinidad and Tobago.
He said, “The second TGI Fridays restaurant in Portmore, Jamaica, which opened in the first quarter, is performing well. In addition, management is making good progress to launch Pizza Hut in Panama, and we expect to open our two new Pizza Hut restaurants in Panama in the fourth quarter. Our two Starbucks cafés in Guyana are performing strongly, and, as mentioned above, we also have plans to open three new Starbucks cafés in Guyana before the end of the year.”
The chairman’s report confirmed that on June 23, 2026, Agostini Limited’s takeover of Prestige Holdings Limited formally closed after securing all necessary regulatory and shareholder approvals. (Trinidad Guardian)
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