Times Development Corporation Convenes 51st Annual General Meeting: Empowering Progress

Paragraph 1: The 51st Annual General Meeting of TDC

The St. Kitts Nevis Anguilla Trading and Development Company Limited (TDC) marked a significant milestone with its 51st Annual General Meeting (AGM) on December 17, 2024. Held at the St. Kitts Marriott Resort, the meeting brought together shareholders, the board of directors, and other stakeholders under the theme "Empowering Progress." Chaired by Mr. Earle Kelly, the Chairman and CEO, the AGM served as a platform to review the company’s performance and operations for the extended 14-month reporting period from February 1, 2023, to March 31, 2024. This extended period reflected a shift in the company’s fiscal year-end from January 31 to March 31.

Paragraph 2: Financial Performance and Dividend Increase

The AGM featured the presentation of the Annual Report, incorporating reports from the directors and board committees. A key highlight of the financial report was the company’s robust financial performance during the 14-month period. Total assets grew to $459,262,973 from $448,774,703, while shareholders’ equity increased to $200,328,441 from $190,800,674. Profit before tax also saw substantial growth, reaching $15,763,307 compared to $8,374,790 in the previous period. Reflecting this positive performance, shareholders approved a significant 60% increase in dividends, raising the payout from $0.05 per share in 2023 to $0.08 per share for 2024. This resulted in a total dividend payout of $4,160,000, a considerable increase from the $2,600,000 distributed the previous year.

Paragraph 3: Shareholder Engagement and Stakeholder Appreciation

The AGM fostered a dynamic exchange between the company’s leadership and its shareholders. Shareholders actively participated by posing pertinent questions and offering valuable recommendations to further enhance TDC’s progress. The board of directors took the opportunity to express their sincere gratitude to all stakeholders, including customers and employees, acknowledging their unwavering support as a cornerstone of TDC’s sustained growth and success. This emphasis on open communication and stakeholder appreciation underscored the company’s commitment to collaborative growth and shared success.

Paragraph 4: Celebrating Success and Community Building

Beyond the formal business proceedings, the AGM also provided a platform for fostering stronger relationships. A cocktail reception following the business session allowed directors to engage with shareholders in a more relaxed setting. This informal interaction facilitated meaningful conversations, fostering a sense of community and reinforcing a shared purpose among all stakeholders. The reception served as a celebration of TDC’s achievements and reinforced the company’s commitment to its stakeholders.

Paragraph 5: The Warren C. Tyson Memorial Scholarship and its Impact

The AGM highlighted the positive impact of TDC’s flagship Warren C. Tyson Memorial Scholarship program. This scholarship has played a significant role in supporting the educational pursuits of numerous beneficiaries, including prominent figures such as Prime Minister the Honourable Dr. Terrance Drew. By showcasing this program, TDC emphasized its commitment to investing in the future of the community and nurturing the next generation of leaders. The scholarship program serves as a testament to TDC’s dedication to social responsibility and its contribution to human capital development.

Paragraph 6: Reaffirming TDC’s Commitment to Progress and Value Creation

The 51st AGM served as a powerful testament to TDC’s enduring strength, its commitment to empowering progress, and its dedication to delivering value to all its stakeholders. The meeting underscored the company’s focus on financial growth, open communication, and community engagement. By celebrating its achievements and acknowledging the contributions of its stakeholders, TDC reaffirmed its position as a leading company dedicated to sustained growth and positive impact. The AGM set a positive tone for the future, emphasizing the company’s ongoing pursuit of excellence and its dedication to creating value for shareholders, customers, and employees alike.