San Juan, Trinidad, Tuesday 16 July 2024, Virtual Live Feed
Ladies & Gentlemen, Esteemed Shareholders, Valued Partners, Members of the media, my colleagues from Trinidad and Tobago, Guyana, Barbados, St.Vincent, St.Lucia and Jamaica, I greet you well.
Today is both exciting and intimidating. ‘Exciting’ because this is our first AGM and ‘Intimidating’ because I am reporting on our early days’ stewardship of building on 100 years of a high performance legacy. With the privilege of acquiring A.S. Bryden & Sons Limited, came the expectation that this was a baton change to propel the Brydens Group to higher heights. Under the expert guidance of the Board of Directors, led by Chairman P.B. Scott, your management has embraced the expectation and I am honored to report that the company delivered strong results in 2023 compare to 2022:
However, these outcomes must be taken into context. In 2023, we had a full year of results versus the seven operational months in 2022, based on the date of acquisition. However, even when we normalize and compare like for like, 2023 was a better year.
These results are now history and so I would prefer to spend a few minutes to tell you how we are going to drive growth and create value over the next 5 years.
We will do this by relentless execution of our key priorities, which are:
1. Building out a regional platform. This is well on the way, as of now;
2. Investing in technology to drive profitability, productivity and improved customer service.
3. Completing our warehouse and logistics centre that will not only streamline our distribution in Trinidad and Tobago but also serves as logistics hub for our export thrust.
4. Massively expanding our innovation pipelines and brand investment.
5. Focusing on our human capital, not only to attract new talent but also to ensure that we excite and retain our existing staff.
6. Strengthening existing partnerships and onboarding new principals. We want to be the partner of choice for the region.
All of the above will allow us to be more resilient, more forward thinking and to continue to be relevant to our consumers of today and tomorrow.
In terms of value to our shareholders; the shares listed on November 10 at J$22.50 and ended the year at J$33.11, a 47% appreciation, and at end of trading yesterday it was $37.85. Two (2) dividend payments were made in 2023, each for J$0.29 per share; and this month, shareholders will receive a 5% increase in payout to J$0.30 per share. Thank you for the thunderous virtual applause, long may the share price appreciation and dividend payout continue.
While our mandate is to create value for our shareholders, we are also deeply aware of our responsibility to prioritize sustainability, social responsibility and philanthropy; recognizing our impact on the communities, we serve. In this regard, we have begun the work to establish the Bryden’s Foundation, which we expect to complete this year.
We look to the future with confidence, despite the challenges and uncertainties. Why? We have a solid strategy, an experienced Board of Directors, a Chairman who has created a homegrown multinational firm that operates in over 35 countries and, most importantly, we have over 2,000 team members that are working every day to deliver amazing products and experiences to our customers.
Shareholders, we value your trust and look forward to your ongoing support as we create a legacy that will positively impact our families, our communities and our region.
Thank you.
