DIFFICULTIES in accessing foreign exchange have forced AS Bryden and Sons Holdings Ltd (ASBH) to increase its United States dollar borrowing, resulting in higher interest costs, chairman Paul B Scott has said.
“ASBH has significant operations in Trinidad where access to the US$ have been a challenge in the last year. This has led to increased borrowing of US$ and thus, higher interest costs, as we pay our payables,” Scott said.
“As we grow our business outside of Trinidad, these US liabilities will be matched by earnings in US$ or convertible currencies. We are confident that we will be able to continue and support the growth of the company and our commitment to our principals in growing their business,” he said.
Scott made the statement as ASBH officially released its 2024 annual report.
Chief executive officer Richard Pandohie said ASBH is actively trying to address this situation.
“We have a clear priority to ensure that our partners and suppliers are paid. As such, due to the foreign currency difficulties in the Trinidad and Tobago market, we engaged in expensive hard currency swaps throughout the period. Consequently, this is now a part of the cost of doing business in Trinidad and Tobago; however, we are actively trying to mitigate its continued impact by increasing our exports and making strategic acquisition,” Pandohie said.
Scott said that in the first quarter of 2026 ASBH intends to move into its new state-of-the-art distribution centre in central Trinidad.
“This will replace seven warehouses and bring significant synergies to the business. I am pleased to report that the building is on time and within budget,” Scott said.
The US$25 million Trinidad Distribution hub is expected to be completed by February 2026.
“Under way since its groundbreaking in January 2024, our expansive new regional warehouse represents a significant step in the Brydens Group’s journey. This strategic investment highlights our strong commitment to enhancing operational efficiency, streamlining our business processes, and ultimately, creating tangible value not only for the Brydens Group but also for Trinidad and Tobago and the wider Caribbean region we serve,” the annual report stated.
“This purpose-built facility, representing an investment of about US$25m, is central to optimising our supply chain. By consolidating and centralising our warehousing capabilities, we anticipate significant improvements in inventory management, reduced lead times, and enhanced responsiveness to market demands across our diverse portfolio of businesses. This streamlined approach will empower us to better serve our valued customers and partners with greater agility and reliability,” it stated.
ASBH stated that beyond the internal efficiencies, the investment carries a profound impact on its local and regional construction.
“The enhanced logistical framework will facilitate smoother distribution channels, ensuring that essential goods reach communities more effectively. This is particularly crucial in our commitment to supporting the economic vibrancy of the region. The Brydens Group firmly believes in creating shared value,” it stated.
“This new regional warehouse, slated for completion by February 2026, is a symbol of that belief. It is an investment in our future, an investment in regional connectivity, and an investment in the prosperity of Trinidad and Tobago. As we look forward to its completion and operationalisation, we are excited about the immense potential it holds to further strengthen our position as a leading regional conglomerate and a significant contributor to the socio-economic development of our nation. This is more than just a warehouse; it’s a foundation for future growth and a symbol of our strong commitment to the Caribbean,” the annual report stated.
‘Exciting year’
Scott said that 2024 was an exciting year at ASBH.
“Our topline grew 32% as we continued executing our regional strategy. During the year we expanded our business in Guyana with the formation of ASB Guyana to focus on premium beverages and our food brands. We also formed FTF Guyana to launch the Zoom Lion brand of equipment in one of the fastest growing economies in the world,” Scott said.
Scott described Guyana as an incredible country, rich in minerals, oil and gas, agriculture and, of course, culture.
“It is perhaps the only country in the world at a stoplight you are likely to see a sports car to the right of you and a donkey cart to the left. With every visit to that market, it is clear to see the changes the new prosperity brings,” Scott said.
Pandohie stated that a year after marking its centennial, ASBH expanded its footprint by acquiring majority stakes in Caribbean Producers (Jamaica) Ltd (CPJ) and Stansfeld Scott (Barbados) Ltd (SSB).
“These acquisitions expanded our people talent by 785 persons and added over $687 million to our revenue. Our expanded group is consistent with the vision of creating a regional distribution network to unlock value for stakeholders and drive sustainable growth in the domestic and export markets,” Pandohie stated.
Pandohie stated that ASBH is embedding technology to deliver superior results.
“We are committed to rolling out a digital agenda to become a more integrated enterprise from end to end, empowered by increased automation, advanced analytics, digitisation and unleashing the capabilities of artificial intelligence (AI). This will create greater velocity in the way we serve our customers and principals, allow our people to work smarter, improve decision-making, drive productivity and improve work-life balance. The process is well advanced in CPJ, having started prior to our acquisition and slated to be completed during 2025,” he stated.
