标签： Trinidad and Tobago

Celebrating its centennial anniversary, Caribbean conglomerate Agostini Ltd. has announced robust financial results for fiscal year 2025, demonstrating significant growth amid strategic expansion. The Trinidad-based group reported a 6.9% increase in revenue, reaching $5.44 billion compared to $5.09 billion in the previous year.

Chairman Christian Mouttet characterized the period as one of ‘strategic transformation,’ noting the company achieved ‘another year of record revenue and earnings.’ The performance was primarily driven by two major acquisitions—Pharmacy Holdings Ltd (PHL) and Massy Distribution (Trinidad) Ltd—which substantially expanded Agostini’s presence in pharmaceutical and consumer distribution markets.

Financial metrics showed substantial improvement across key indicators: Profit attributable to shareholders climbed to $230.3 million from $209.7 million, while earnings per share increased from $3.03 to $3.33. Operating profit rose 5.4% to $511.2 million, and pretax profit reached $435.6 million. After accounting for $123.3 million in taxes, net profit settled at $312.3 million, marking a 7.6% year-over-year improvement.

The group’s comprehensive income, incorporating foreign exchange gains and pension adjustments, totaled $328.2 million, with $247.8 million attributable to shareholders and $80.4 million to non-controlling interests. Total assets grew to $4.89 billion, while shareholder equity increased to $2.48 billion.

Despite these gains, the company acknowledged challenges including persistent inflation, supply chain disruptions, and foreign exchange constraints that continue to pressure margins. Finance costs increased to $75.6 million, though these were partially offset by foreign exchange gains of $15.57 million.

Agostini’s expansion strategy has attracted regulatory attention. Recent parliamentary hearings examined market concentration in pharmaceutical distribution, with industry representatives noting that Agostini’s Aventa division reportedly imports approximately 74% of privately supplied medicines. While no formal investigation has been announced, the Prime Minister has signaled intentions to address drug pricing and market dominance concerns.

The conglomerate continues to pursue growth through acquisition, currently proposing a share-swap merger with Prestige Holdings Ltd. that would exchange one AGL share for every 4.8 PHL shares. This transaction remains subject to regulatory approval from the Trinidad and Tobago Fair Trade Commission.

A recent study tour to Manizales, Colombia has provided Trinidad and Tobago with a strategic blueprint for developing a robust national innovation ecosystem. Led by Vashti Guyadeen of the Trinidad and Tobago Chamber of Industry and Commerce, the delegation examined Colombia’s successful Triple Helix model that integrates academia, industry, and government collaboration to accelerate entrepreneurship and economic growth.

The research identified five foundational pillars essential for innovation ecosystem development: coordinated national governance to align ministerial initiatives, integrated programming across accelerator programs and university initiatives, accessible infrastructure including prototyping labs and research facilities, capacity development through entrepreneurship training, and data-driven decision making using systematic innovation metrics.

Educational alignment emerged as a critical success factor, with recommendations for cross-disciplinary entrepreneurship education, enhanced research commercialization pathways through innovation vouchers and matching grants, strengthened internship programs, and shared infrastructure agreements among tertiary institutions modeled after Colombia’s SUMA alliance.

The proposed institutional architecture calls for a National Innovation Partnership comprising senior leaders from public, private, academic, financial, and civil society sectors to set strategic priorities and oversee funding allocations. This co-ownership model reduces government dependency while increasing sustainability.

Priority sectors identified for diversification include technology (fintech, cybersecurity, energy tech), advanced manufacturing utilizing Industry 4.0 technologies, agriculture technology with climate-smart farming approaches, and creative industries leveraging global demand for music and digital content.

Strategic infrastructure requirements encompass enhanced accessibility to Cariri’s existing facilities, purpose-built innovation hubs, structured national mentorship networks, and continuously coordinated accelerator programs. Financing mechanisms should include a National Innovation Fund, private sector venture arms, diaspora engagement for investment and technical capacity, and risk mitigation instruments like credit guarantee schemes.

Accountability measures propose transparent tracking through key indicators: new firm creation, SME scale-up performance, research commercialization outputs, non-energy job creation, venture capital investment levels, and Global Innovation Index performance, with annual Innovation Report Cards to monitor national progress.

The Manizales case study demonstrates that formalized governance, integrated programming, and shared accountability create successful innovation ecosystems, offering Trinidad and Tobago a proven framework for economic diversification and resilience building.

In 1967, the Trinidad and Tobago government faced a critical crossroads in preserving its national airline, BWIA, after the collapse of a highly anticipated Canadian rescue plan. Despite prolonged diplomatic efforts, Canada’s Air Canada partnership proposal foundered due to one fundamental requirement: the unwillingness of other Caribbean governments to join a regional consortium.

Canadian Prime Minister Lester B. Pearson conveyed the setback with diplomatic nuance in correspondence with TT’s leadership, noting, ‘In a matter as complex as this… reactions have not been forthcoming quickly, or in a clear-cut fashion. What information we have received has not in fact been uniformly encouraging.’ This diplomatic phrasing masked the stark reality that regional cooperation efforts had failed.

Simultaneously, an alternative proposal emerged from New York investment firm R.W. Pressprich & Co. International Ltd. and Trans World Airlines (TWA). Their July 1967 proposition outlined a radical restructuring: a multinational Caribbean carrier with 60% government ownership (TT, Barbados, Guyana, Jamaica) and 40% private investment, though profit distribution would favor investors at 60%.

Initially skeptical due to previous regional disappointments, the TT government found Pressprich unexpectedly flexible. By August 29, the firm amended its proposal to invest directly in BWIA’s existing structure without requiring prior commitments from other governments. The revised terms exempted TT from additional capital injection while maintaining existing debt guarantees and offering appropriate economic incentives.

A significant sweetener emerged in the form of a proposed Hilton hotel development at Rocky Point, Tobago, recognizing the symbiotic relationship between airline seats and hotel beds. This tourism infrastructure component, backed by TWA’s technical expertise, added considerable appeal to the package.

After intensive negotiations throughout September and October 1967, a memorandum of understanding was accepted by the TT government on December 5. This led to the formation of Caribbean International Ltd. as Pressprich’s investment vehicle, while TWA commenced comprehensive operational studies under the direction of senior aviation experts.

The culmination arrived on May 24, 1968, with signed agreements between the TT government, BWIA, and Caribbean International Ltd., concluding a complex nine-month negotiation that salvaged the national airline through transatlantic investment rather than regional cooperation.

In an unprecedented move reflecting severe industry-wide challenges, Junior Sammy Contractors Ltd—one of Trinidad and Tobago’s largest contracting firms—has issued temporary layoff notices to all permanent staff. The Claxton Bay-based company will suspend operations without pay from December 16, 2024, until January 31, 2026, marking the first such action in its four-decade history.

The decision stems from a critical combination of factors: the completion of existing contracts without new project acquisitions for the upcoming quarter, substantial delays in government payments for past infrastructure projects, and a drastic slowdown in major infrastructural initiatives. A company spokesperson, speaking anonymously, emphasized this was an industry-wide crisis, noting they were among the last major contractors to implement such measures despite months of efforts to avoid this outcome.

Employees will receive compensation through December 15 and retain their employment status during the hiatus. Management plans to reassess the situation in January 2026 to determine resumption dates. The company acknowledged the severe impact on workers but stated the move was necessary for long-term viability.

This development occurs against a backdrop of mounting pressure on the government to address billions in outstanding debts to contractors. Economist Indera Sagewan recently highlighted this urgent need at the Trinidad and Tobago Contractors Association awards dinner. Meanwhile, the government’s newly launched Revitalisation Blueprint promises 129 major projects—including highway construction, port expansions, and housing developments—projected to generate 50,000 jobs. However, contractors continue grappling with pandemic-era setbacks, soaring material costs, and shipping expenses that have crippled operations across the sector.