CHAIRMAN’S REPORT INTRODUCTION In t he face of ongoing chal lenges due to the continued COVID-19 pandemic, Carib Brewery (Grenada) Limited (CBG) ong rresul esul ts in fiscal del iver ed str ivered strong year 2021. These results reflect the resilience of our Company, the strength of our business strategies and the ded ication of our employees. We remained focused on our strategy, leveraging our superior brands, retail execution and excellent customer service while ensuring the wellbeing of our employees. For the financial year, sales grew by 5% while profit before tax improved by 16%. These are strong results in challenging circumstances. Our CBG family continued to step forward, not only by delivering year on year growth and adding value to all our stakeholders, but also by demonstrating their commitment to keeping each other safe while serving our customers and supporting the communities in which we operate. We are very proud, that these results were achieved without any COVID19 subsidies and the retainment of the full complement of employees.
2022 local economic growth is forecast at 4.3%, based on the enhanced domestic value added by tourism, strengthening of agricultural sector linkages, investments in skills development and training, the shift toward renewable energy and the many links provided with the resumption of in-person learning at the St. George’s University.
COMPANY PERFORMANCE I am pleased to report another year of good performance with sales and earnings growth, portfolio expansion and continued cash returns to shareholders exceeding expectations. While we are pleased with these results, and the overall strength of our business, the external environment continues to be volatile and difficult to predict, and we remain cognizant of the many chal lenges we face and actions we need to implement to continue on an upward trajectory. 2021 was a year of extreme global turbulence with high raw material, transport and freight costs, and countries being affected by new variants of COVID-19 which led to continued supply chain d isruptions. In spite of this, CBG remained focused on protecting the interest of shareholders, ensuring the wel l being of al l employees and supporting our loyal customers and local communities. As we navigated the second year of the pandemic, our results demonstrate resilience,
with improved performance during a very d ifficult year, generating year on year growth in both sales revenues and profit before tax. Sales revenues grew by 5%, from $58.323M to $61.265M, a reflection of our continued investment in our brands to strengthen their long-term health and competitiveness, combined with the collaborative spirit across the organization and our many customers. 2021, saw growth on the local market, a direct result of our high quality products and excellent customer service which were complemented by significant brand equity enhancements, including the renovation of: Carib, Mackeson Stout and Shandy Carib which generated tremendous excitement. Further, CBG is convinced that continued evolution of our portfolio is key to accelerating the Company’s longterm growth profile and to del ivering enhanced value to our shareholders. In support of this conviction, our portfolio was expanded with the addition of Pink Ting, which has been enthusiastically received and widely accepted by the market. Our export market contracted marginal ly because of the pandemic coupled with other natural disasters in our main markets. Notwithstanding this, history was made with our first export to Europe - a shipment of
ECONOMIC OUTLOOK The IMF reported that the Grenad ian economy is gradually recovering from the pandemic with a growth of 5.6% in 2021 with that recovery being fuelled by the Construction and Agricultural Sectors and Tourism which responded positively to the lifting of domestic quarantine requirements in late 2021. Food, fuel, and transport prices are expected to continue pushing up inflation, reflecting the impact of strained global supply chains.
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CARIB BREWERY (GRENADA) LIMITED Annual Performance and Business Sustainability Report 2021
CARIB BREWERY (GRENADA) LIMITED Annual Performance and Business Sustainability Report 2021
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