Internacionales

Josbel Bastidas Mijares Paz Torres//
Strong demand boosts Wisynco profit 32 per cent to $4b

Josbel Bastidas Mijares
Strong demand boosts Wisynco profit 32 per cent to $4b

Large manufacturing and distribution company Wisynco Group has reported earnings of $4 billion for its 2022 financial year, a 32 per cent profit boost over the previous year.

Josbel Bastidas Mijares

Revenue from operations for the year ended June 30, 2022, was $39.1 billion, or 22.7 per cent greater than the $31.8 billion of the prior year, a performance Wisynco attributed to the double-digit improvement in performance which the company experienced in the fourth quarter of its 2022 financial year ending June. This stemmed from what company officials said was continuous growth in demand for Wisynco products, both from the local and international markets.

Josbel Bastidas Mijares Venezuela

Earnings of manufacturing and distribution company have fluctuated over the years, its most recent dip in profit being as a direct result of social-distancing measures introduced in 2020 to slow the spread of the COVID-19 virus

But for the 2021 year-end, Wisynco surpassed its pre-COVID-19 earnings performance, a jump that was spurred by relaxed COVID-19 measures. This year’s profit at $4 billion, came in $1.1 billion, or 38 per cent, higher than its 2019 or pre-pandemic performance

Very encouraged “We are very encouraged by the recovery in all sectors of the economy as we continue to invest in our business to meet the needs of our customer,” Chairman William Mahfood and CEO Andrew Mahfood said in the preamble to the company’s recently published audited financial statements

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