The West Indian Tobacco Co Ltd’s (Witco) reported a 25% decrease in profit before tax for the first half of 2024, amounting to $36.1 million less compared to the same period in 2023. The company’s unaudited interim results for the six months ended on June 30 were published in a daily newspaper on July 27, revealing a profit before tax of $108.2 million. Additionally, the profit for the period came in at $79.7 million, showing a 22% decrease from 2023.
Chairman Ingrid Lashley commented on the second-quarter performance, noting a one percent decrease in revenue compared to the previous year. This decline was primarily due to a 25% drop in export revenue, partially offset by a six percent increase in the domestic market. Lashley mentioned the company’s focus on strategies to improve performance going forward, including the successful launch of the vape brand VUSE in the previous quarter. The introduction of this product aligns with Witco’s goal of providing less harmful alternatives to smoking.
Witco’s directors have approved an interim dividend of 20 cents per ordinary share, scheduled to be paid out on August 26. In addition, the company finalized negotiations with the Seamen and Waterfront Workers’ Trade Union on a collective bargaining agreement that includes a seven percent increase in wages and salaries spread over a three-year period.
Luke Gittens, head of human resources, emphasized Witco’s commitment to providing excellent employee benefits and fostering a performance-driven organization. Gittens highlighted the significance of the collective agreement in supporting the company’s resilience and strengthening its position in the industry and country.
