DDL half-year profit at $936m

The unaudited after-tax profit for the Demerara Distillers Limited (DDL) Group up to June this year was $936m compared to $805m for the previous half year, according to the interim report published in yesterday’s Sunday Stabroek.

Chairman of DDL, Komal Samaroo said in a statement that profit before taxation for the six months was $1.347b compared to $1.193b for the same period in the previous year, an increase of $154m or 13%.

Samaroo said that the DDL Group continued to “experience intensified competition in most markets”. He said turnover for the half year grew by 7% over the previous year, rising from $8.5b to almost $9.1b. He said that while turnover in the domestic market was relatively flat, growing by a marginal 0.5%, turnover in international markets “grew by an impressive 20%”. He said the Group will therefore continue to place great emphasis on the development of its brands particularly in its overseas markets.

According to the notes to the accounts, revenue from the Guyana operations up to June this year was $8.019b compared to $7.580b for the same period in the preceding year. Revenue for North America was up from $397.1m for the first six months in 2016 to $523.1m for the first six months this year. In Europe, revenue was $454.2m for the first six months of this year compared to $427.2m for the same period last year. The Caribbean saw revenue of $57.5m for this half year compared to $56.5m for the same period last year.

Samaroo said that in order to sustain the growth of its aged rum portfolio, the Group will be investing in a new warehouse to accommodate an additional 30,000 barrels of rum for aging.