June 27, 2022
Caribbean Cream Limited (KREMI), for the year ended February 28, 2022, reported a 12% increase in revenue to total $2.09 billion compared to $1.87 billion booked last year. Revenue for the fourth quarter rose 2% to close at $550.21 million compared to $537.96 million for the comparable quarter of 2021.
Costs of sales amounted to $1.49 billion (2021: $1.25 billion), an increase of 20% year over year, while for the quarter there was a 21% increase to $443.09 million (2021: $365.41 million). However, gross profit declined by 5% or $32.25 million to $592.89 million compared to $625.14 million for the year ended February 28, 2021. The Company booked gross profit of $107.11 million for the fourth quarter versus $172.55 million reported for the similar quarter of 2021.
Administrative Expenses climbed 20% to close at $511.86 million (2021: $427.86 million), while selling and distribution costs rose by 1% from $60.66 million in 2021 to $61.04 million for the period under review. Operating profit for the year amounted to $19.96 million, down 86% relative to $138.43 million booked in 2021. Operating loss for the quarter amounted to $40.81 million relative to an operating profit of $29.20 million for the same quarter in 2021.
In addition, finance cost rose 62% year over year to $34.49 million relative to $21.26 million recorded in 2021. Furthermore, the Company reported a 37% decrease in interest income for the year from $1.33 million reported in 2021 to $ 841,338 for the year ended February 28, 2022.
Tax credit amounted to $4.54 million relative to a charge of 17.82 million in 2021. This resulted in a net loss of $9.15 million, a decline from a profit of $100.68 million reported in 2021. Loss for the quarter amounted to $45.43 million compared to a profit of $15.62 million in 2021.
Consequently, Loss per Share (LPS) for the year amounted to $0.02 (2021: EPS $0.27), while the LPS for the quarter totalled $0.12 compared to an EPS of $ 0.04 in the prior year. The numbers of shares used in these calculations were 378,568,115 units. KREMI’s stock price close the trading period on June 24, 2022, at a price of $5.46.
Balance Sheet Highlights:
The Company’s assets totalled $1.71 billion (2021: $1.39 billion). The movement was largely due to an increase of $284.40 million in ‘Property, Plant and Equipment’ to a total of $1.11 billion (2021: $825.48 million). Additionally, ‘Inventories’ closed at $247.30 million relative to $162.35 million reported in 2021.
Shareholders’ equity amounted to $798.51 million (2021: $833.93 million), representing a book value per share of $2.11 (2021: $2.20).
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