Prestige serves up $59.2m in profits

The Subway branch on Independence Square, Port of Spain. - Photo by Faith Ayoung

PRESTIGE HOLDINGS LTD, local owners of franchises such as KFC, TGI Fridays, Starbucks, Subway and Pizza Hut, has reported profits of $59.2 million in its consolidated financial report for the nine-month period ending August 31.

The profits were more than $10 million higher than the results for the same period the year before when it earned $49 million in profits after tax.

The report was posted on the TT Stock Exchange website on September 30.

Prestige Holdings chairman Christian Mouttet said in his report that for the first nine months of the financial year in 2025, group sales increased by seven per cent, from $1.009 billion in 2024, to $1.075 billion in 2025. Profit before tax improved by 18 per cent, from $73 million in 2024 to $86 million this year.

“Our brands have continued to perform well, driven by improvements in customer experience, strong value offerings and operational efficiencies,” Mouttet said.

For the three-month period ending August 31, Prestige Holdings earned $24.1 million in profits after tax, yet another increase from the performance for the same period the year before when it earned $23.9 million.

The profit came from a three-month revenue of $368 million, an increase from the year before, when it earned $354 million.

The financial results came weeks after Agostini Ltd completed the requirements for an acquisition of Prestige Holdings through a share swap where Agostini will trade one of its shares for every 4.8 Prestige Holdings shares.

On September 10 after making the offer on June 17 and pushing back the deadlines for approvals three times, Agostini Ltd advised that they achieved the minimum shareholding acceptance level, which was 96.9 per cent of the shares. Mouttet said approval from the Fair Trade Commission and other approvals are the final steps for the completion of the transaction.

He said during the third quarter Prestige Holdings completed a major remodel of the Subway restaurant in St James.

Prestige also completed construction of a second TGI Fridays in Portmore, Jamaica which is expected to open in the fourth quarter.

Prestige plans to open four new Starbucks cafes, three in TT and one in Guyana, as well as a new Pizza Hut restaurant.

It also has plans outside of Caricom as it signed a development incentive agreement with Pizza Hut International in August, giving it the rights to develop and operate Pizza Hut restaurants in Panama.

In a separate release Agostini announced the appointment of Jorge Sequeira Picado as a director with effect from October 1.

The announcement said Picado is the managing director of Basalto Capital Partners which is based in Costa Rica.

Picado previously served as managing director of the Costa Rican Investment Promotion Agency and as CEO of regional enterprise software development company Exactus Corporation. He is also on the board of directors of Amcham Costa Rica and has held the position of vice-president of the Costa Rican Chamber of Industries.