Agostini’s Limited

What it is

Agostini Limited is a diversified publicly traded company established in 1925, operating across three main spheres: Pharmaceutical and Healthcare, Fast Moving Consumer Goods, and Industrial and Energy Services. Its reach extends across 10 regional markets with exports to over 20 additional countries, and the group recently rebranded from Agostini’s Ltd to Agostini Ltd, unifying 21 companies under a single identity.

Subsidiaries include SuperPharm Limited, Collins Limited, DeSinco Limited, and Facey’s Limited, among others. Founded in 1925 by Johnnie Agostini, the company grew from a small commission agency into a billion-dollar conglomerate spanning retail, distribution, pharmaceuticals, and industrial services.

Who owns it

Victor E. Mouttet Ltd (VEML), a private entity wholly owned by the Mouttet family, is the majority shareholder of Agostini Ltd at 48.5% of the issued share capital directly.

Including the related holdings of GNM Properties Limited, JMM Properties Limited, and Associates — all connected parties to VEML — the Mouttet family’s total effective interest in Agostini reaches 57.8%.

In 2010, the company was itself acquired by Victor E. Mouttet Limited, making it a subsidiary of the VEML group.

VEML is 100% owned by the Mouttet family. The remaining ~42% of shares constitute the free float traded on the TTSE.

Who runs it

Barry A. Davis serves as Chief Executive Officer since February 2024, having previously been Finance Director of Agostini’s Limited since 2020.

When Davis was promoted to CEO, Nigel Campbell was appointed CFO on February 1, 2024; Campbell subsequently announced his resignation effective December 31, 2025.

Christian Mouttet has served as Chairman of Agostini since 2010 and is simultaneously the Chairman and CEO of Victor E. Mouttet Limited.

The new CFO following Campbell’s departure is not disclosed in available sources.

The money, in plain words

In the 2024 financial year (ended September 30, 2024), Agostini’s sales rose 9% to TTD 5.1 billion (USD 756.6 m, our calculation), while profit attributable to shareholders climbed 10% to TTD 242 million (USD 35.9 m, our calculation). That means it kept about 4.7 cents of profit from every Trinidad dollar of sales — a net margin of 4.74% (our calculation), which is typical for a company that earns much of its money through distribution and wholesale trade, where margins are inherently thin.

Earnings per share improved from TTD 3.20 to TTD 3.51 (excluding one-off acquisition gains), and a total annual dividend of TTD 1.53 per share was declared, up from TTD 1.50 the prior year. At the current share price of TTD 59.05, that is a dividend yield of 2.59% and a price-to-earnings ratio of about 16.8× — both our calculations — a modest premium to the regional market, reflecting the group’s scale and consistency.

The total asset base stood at TTD 4.7 billion as at the September 30, 2024 audited financial statements.

What it is doing now

Agostini completed the acquisition of Prestige Holdings Ltd — which operates KFC, TGI Fridays, Subway, and Starbucks in Trinidad — through a share-swap offer launched in June 2025, securing the minimum required shareholding in September 2025. Under the terms, Prestige Holdings shareholders received one Agostini share for every 4.8 Prestige Holdings shares held.

Despite obtaining the minimum target shareholding, Agostini still awaits regulatory approvals — specifically from the Trinidad and Tobago Fair Trade Commission, whose board appointment was pending — to formally complete the transaction. In the meantime, the group’s half-year results to March 31, 2025 showed revenue rising 8% to TTD 2.78 billion (USD 412.4 m, our calculation), with profit to shareholders up 3% to TTD 125.2 million (USD 18.6 m, our calculation).

What to watch

• Fair Trade Commission clearance: The only remaining hurdle for the Prestige Holdings takeover is the receipt of final regulatory approvals. Once granted, the combined group will add over 130 quick-service restaurants to a portfolio already spanning pharmaceuticals and consumer goods — a meaningful diversification into branded food retail.
• CFO transition: Campbell’s resignation came as Agostini was in a protracted merger bid for Prestige Holdings. Steady financial leadership will matter as the group integrates a large acquisition.
• Margin pressure: Distribution and trade businesses live on thin margins; the 4.74% net margin (our calculation) leaves little cushion if input costs or foreign exchange conditions tighten — particularly relevant given the group’s reliance on imported goods priced in US dollars.
• Ownership concentration post-merger: Based on post-acquisition shareholding, VEML and its connected parties will hold approximately 59.5% of Agostini, up from 57.8% before the transaction. Minority shareholders should watch whether that concentration affects capital-allocation decisions.

This is news, not investment advice.