Home' Trinidad and Tobago Guardian : December 24th 2015 Contents BG6 NEWS
BUSINESS GUARDIAN www.guardian.co.tt DECEMBER 24 • 2015
Not daunted by the Central
Bank s announcement of
a recession, owners of the
Dominos franchise, STV
(T&T) Ltd have opened
another fast food restau-
rant offering local food to
its clientele. Mark Ammon, Marketing Manager
said there is continuous demand for fast food
in T&T and therefore it was prudent to open
a fast food outlet even though the company
already owns the Domino s pizza brand in T&T.
Like every other business, the company has
experienced its share of challenges when it
comes to sourcing labour and has even had to
pay wages which are above the minimum wage.
Ammon added that trends have shown that
people within the hospitality sector namely
the restaurant business tend to move "around"
from one establishment to another. He said
more training, more pay, means workers stay
longer with the company.
"You do get some people with attitude but
we managed to get some good people and we
work with what we have. We continue to seek
out those who fit our profile and who can
deliver the service. It is a challenge to get
The new outlet called Jackpot Fried Chicken
is located next to the Domino s Pizza outlet on
the Diego Martin main road. It offers fried
chicken, chicken sandwiches, chicken strips,
fries, wedges and plans to expand the menu.
"We have a good product and what we really
work on is, customer service to provide that
extra level of service to ensure customers come
back to our branches. We have three branches
one in Diego Martin, one in Ariapita Avenue
and one in Chaguanas."
The Diego Martin branch has been in exis-
tence for one year and Jackpot Fried Chicken
is located next door. Describing the feedback
as "encouraging," he said the there is enough
brand recognition to finally produce a strong
brand going into 2016.
Doing business in the T&T market is lucrative,
he said because trends indicate that his customer
base prefer chicken and chips. Also, his company
can provide employment and would support
farmers buying purchasing their produce.
Competing with existing fast food brands in
the market such as: Royal Castle, KFC, Japs
Fried Chicken Ltd and others, Sue-Ann Howell,
director said the company is confident that it
offers a unique flavour. In a statement Howell
said: "A number of sampling exercises were
conducted over the last two months to come
up with just the right flavour and seasonings
tailored to the Trini palette."
"With Jackpot Fried Chicken we have focused
significantly on the taste of our chicken and
finding a truly authentic local flavour that can t
be found anywhere else."
New fried chicken restaurant opens
Who is beind STV (T&T) Ltd?
According to a Companies Registry filing,
dated July 28, 2015, the following are the
directors of STV (T&T) Ltd: Juan Carlos
Sosa, Manuel Sosa, Sue Ann Elizabeth
Mouttet-Howell, Felix Howell and Paul
Mouttet. The two men named Sosa are
listed as being businessmen who live in
Caracas Venezuela, while the three others
have Trinidad addresses.
The company's capital is listed as
$6,637,558 and US$400,000.
The company, according to a filing
stamped on July 31, 2015, issued 70,576
shares in the last financial period and
reduced its stated capital by $4,014,362.
Its major shareholders are Domi
Investments Inc, which has a Nassau,
Bahamas address and owns 17,644 ordinary
shares and Hillside View Investment
Company Ltd, which is registered in Nevis
and owns 70,576 shares.
First Citizens Bank Ltd is reporting profit
after tax of $630 million for the year ended
September 30, 2015. The profit represents
a slight increase of 0.5 per cent in profit
compared to the previous financial year
which was $627 million.
A combination of administrative and other
operating expenses increased in 2015 to $984
million compared to $913 million in 2014.
The list of expenses which the bank con-
siders as administrative expenses are: wages
and salaries, pension expenses, other admin-
istrative expenses and depreciation. The list
of expenses which the bank categories as
Other operating expenses are: Property
expenses, Technical and professional expens-
es, Advertising expenses, Hardware and
Software expenses, Deposit Insurance and
Overall, operating profit increased in 2015
to $775 million from $755 million in
2014.There was also a slight increase in the
number of people employed at the bank as
it had 1,700 employees in 2014 and 1,716
employees in 2015.
According to Note 39, in the bank s state-
ments on 30 November, 2015, the Board of
Directors declared a final dividend payment
of $0.74 per share payable to shareholders.
Despite the woes which the business com-
munity including banks experienced in 2015
when it comes to foreign exchange, First
Citizens reported foreign exchange gains
increased in 2015 compared to 2014. The
gains moved from $76M in 2014, to $120M
The bank s liquidity position decreased
from $2.2 billion in 2014, to $1.7 billion.
Assets increased from $35 billion in 2014,
to 38 billion in 2015. While the bank s liq-
uidity position was good, it was not the
same for its liabilities. The liabilities increased
in 2015 from $31M compared to $29M in
The Treasury and Investments banking
segment generated $827M, which repre-
sented the segment that attracted the highest
revenue for the year ended September 30,
2015. The Corporate banking sector attracted
$329M and the third segment was Retail
banking which attracted $244M, it s Trustee
and Asset Management segment generated
First Citizens continues to hold 25 per
cent shareholding in Infolink Services Ltd,
14 per cent shareholding in T&T Interbank
Payment System Ltd and 19 per cent share-
holding in St Lucia Electricity Services Ltd.
According to Note 39, on November 2015,
the board approved the winding up of the
business operations of First Citizens Secu-
rities Trading Company by June 2016. These
operations would be transferred to the parent
company, the bank.
First Citizens profits flat
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