TDC Group of Companies holds 48th Annual General Meeting
Basseterre, St. Kitts; November 22, 2021 – The TDC Group of Companies held its forty-eight (48) Annual General Meeting on Tuesday 16th November 2021, to report on the company’s performance for the period February 1st, 2020, to January 31st, 2021.
Presiding over the meeting, Mr. Earle Kelly, Chairman/CEO welcomed shareholders both virtually and in-person to hear firsthand of the activities undertaken by the Group, against the backdrop of the COVID19 pandemic, which is still being experienced globally.
The Board of Directors reported, “the declaration of the COVID-19 pandemic in mid-March 2020 placed severe constraints on economic activities in the Federation. The TDC Group rapidly responded to the crisis by establishing a cross-functional COVID-19 Taskforce and have been exemplary in swiftly implementing strict health and safety protocols, by pivoting to embrace remote working by staff and adopting new technologies to enhance both the customer and the employee experiences.”
In relation to business performance, the Executives also noted, “changing consumer behaviours, adverse market conditions, and income losses among our customers put pressure on sales in certain product lines and service areas, especially the tourism and hospitality operations. The trading and financial services companies feared better and returned commendable results.”
The Group generated Profit Before Income Tax from Continuing Operations of $11,225,417 and Profit After Income Tax of $8,007,277 compared to Loss of $2,218,547 and $4,450,896, respectively in the prior year. As a result of the year’s financial performance, the company paid shareholders a dividend of six and a half (6.5) cents per share, amounting to $3,380,000.
In speaking about the future, the company’s real estate and construction project will continue at Dewar’s on St. Kitts and the land exchange of 40,215 sq. ft. with a building at Budgeon Estate, Nevis, for two (2) acres at Farms Estate, earmarked for middle-income housing.
“Our signature initiative has been the recent launch of our online shopping website: shoptdcgroup.com. This is expected to be a gamechanger for the TDC Group. While we pursue technology-enabled initiatives to engage our stakeholders, personal interactions and relationships remain as valuable as the utility of the tools that we make available.”
The Group’s good corporate governance agenda is focused on the delivery of a strategic plan. This companywide project includes a transformation process, which began in early 2020, to ramp up Human Resource development and engagement, IT initiatives using emerging technological trends, and Data Analytics.
In closing the meeting, the Executive recorded its profound appreciation to its dedicated and committed staff who contributed significantly to ensuring that the Group has survived the vagaries of the pandemic.
“We take this opportunity to express our gratitude to the entire team of the TDC Group of Companies. Our ability to operate safely and seamlessly throughout the pandemic-induced disruptions, restrictions, and lockdowns is a test of our resolve and strength as a Group. It also testifies to our collective efforts, proactive leadership and genuine care for our employees and customers, to whom we are most grateful and appreciative. We must, and we will continue to work together for the benefit of all our shareholders and other stakeholders in keeping with our motto: Together We Succeed.”
The Corporate event was held at the Caribbean Credit Corporation Union Headquarters at Fortlands in Basseterre.