May 31, 2022

Carreras Limited, for the year ended March 31, 2022, reported operating revenue of $15.75 billion, 13% more than the $13.97 billion booked in 2021. Revenue for the quarter rose by 6% to $4.03 billion (2021: $3.81 billion).

Cost of operating revenue increased year over year by 14%, amounting to $8.18 billion from $7.16 billion recorded in the year prior. Notwithstanding, gross operating profit for the year ended March 31, 2022 went up 11% to total $7.58 billion (2021: $6.81 billion). For the quarter, gross profit closed at $1.94 billion versus $1.88 billion reported in the prior comparable quarter.

Other operating income for the year ended March 31, 2022 contracted by 16% moving from $219.39 million in 2021 to $183.91 million in 2022. For the quarter, other operating income closed at $72.93 million (2021: $174.65 million).

Administrative, distribution and marketing expenses grew by 13% to total $2.24 billion (2021: $1.99 billion) for the year ended March 31, 2022. Impairment gain on trade receivables totalled $3.18 million relative to the loss of $2.93 million a year prior. Employee benefits expenses totaled $71.30 million (2021: $56.90 million). Lease interest expense amounted to $18.37 million (2021: $20.58 million).

Profit before income tax was recorded at $5.43 billion compared to $4.96 billion in the prior year. While, for the quarter, profit before income tax amounted to $1.35 billion (2021: $1.48 billion).

Net profit for the year end increased by 9% to $4.07 billion (2021: $3.74 billion), after incurring taxes of $1.36 billion (2021: $1.22 billion). For the quarter, net profit closed a $1.02 billion compared to $1.14 billion reported in the same period last year.

Profit attributable to shareholders amounted $4.07 billion (2021: $3.74 billion). Total comprehensive income for the year ended March 31, 2022 amounted to $4.11 billion (2021: $3.73 billion).

Earnings per share for the year ended March 31, 2022 was $0.84 (2021: $0.77), while for the quarter, EPS amounted to $0.21 (2021: $0.24). The number of shares used in the computations amounted to 4,854,400,000 units. CAR closed the trading period on May 20, 2022 at $9.52 with a corresponding P/E ratio of 11.35 times.

Balance Sheet Highlights:

Total assets amounted to $5.23 billion as at March 31, 2022, up from $5.07 billion reported in 2021. This was mainly due to an increase in ‘Accounts receivable’, and ‘Inventory’ which closed at $1.46 billion (2021: $1.36 billion) and $1.13 billion (2021: $590.84 million), respectively.

Shareholders’ equity attributable to stockholders of parent amounted $2.09 billion (2021: $2.10 billion) with book value per share of $0.43 (2021: $0.43).

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