OCM records $102m pre-tax profit in 2012
One Caribbean Media (OCM) has recorded a $102 million (US$15.8 million) before-tax profit for its 2012 financial year.
This was a six-per cent increase over the media group’s $96 million (US$15 million) pre-tax profit in 2011, OCM chairman Sir Fred Gollop said in a statement published today.
OCM is the parent company of Caribbean Communications Network (CCN), owner of the Trinidad Express Newspapers and television station TV6.
OCM also announced a 9.7 per cent increase in revenues, up from $451 million (US$70 million) to $495 million (US$77 million) in 2012.
Sir Fred said enhanced sales and marketing strategies, as well as strategic investments, enabled OCM to maintain its net profit margin of 21 per cent.
“Our companies continue to enjoy leading positions in their markets. Independent surveys along with digital market reports conducted during 2012 indicate that the group’s media entities held audience and market leadership,” Sir Fred said.
Directors have approved a final dividend payment of 45 cents per share, bringing the total dividend declared to 70 cents a share in 2012, up from 68 cents in 2011.
Payment will be on April 30.
The group’s annual general meeting will be held on May 10 at Express House, Independence Square, Port of Spain.
At the close of trading on Thursday, the last trading day before the long Easter weekend, OCM shares were $15.50 per stock unit. —CB