November 14, 2023

Carreras Ltd (CAR) for the six months ended September 30, 2023 reported a 11% increase in Operating Revenue totaling $8.38 billion compared to $7.53 billion in the corresponding period last year. Operating Revenue for the second quarter had a 1% increase to close at $4.07 billion compared to $4.04 billion for the comparable quarter of 2022.

Cost of Operating Revenue amounted to $4.33 billion (2022: $4.07 billion), this represents an increase of 6% year over year. Consequently, gross operating profit increased by 17% to $4.05 billion compared to $3.45 billion for the six months ended September 30, 2022. The company booked gross operating profit of $2.12 billion for the second quarter versus $1.89 billion reported for the similar quarter of 2022.

Other Operating Income increased by 468% to close at $97.99 million (2022: $17.25 million), while Administrative saw a 4% increase from $1.31 billion in 2022 to $1.35 billion in the period under review. As a result, total operating exp for the six months ended September 30, 2023 amounted to $1.35 billion, a 4% increase relative to $1.31 billion reported in 2022.

Profit before Income Tax for the six months ended September 30, 2023, amounted to $2.86 billion, a 31% increase relative to $2.18 billion reported in 2022. Profit before Income Tax for the second quarter amounted to $1.47 billion (2022: $1.24 billion).

Income Tax for the six months ended September 30, 2023 had a 28% increase to reach $715.00 million (2022: $558.51 million) . Profit for the six months amounted to $2.15 billion, a 33% increase from the $1.62 billion reported in 2022. For the second quarter, Profit was $1.10 billion (2022: $923.10 million).

Total Comprehensive Income for the six months ended September 30, 2023, amounted to $2.15 billion, a 33% increase relative to $1.62 billion reported in 2022.

Consequently, Earnings Per Share for the six months amounted to $0.44 (2022: EPS: $0.33), while Earnings Per Share for the quarter totaled $0.23 (2022: EPS: $0.19). The twelve-month trailing EPS was $0.86 and the number of shares used in these calculations was 4,854,400,000.

Notably, CAR’s stock price closed the trading period on November 14, 2023 at a price of $8.22 with a corresponding P/E ratio of 9.58x.

Balance Sheet Highlights

Total Assets amounted to $6.00 billion as at September 30, 2023, up from $4.61 billion reported in 2022. This was mainly due to an increase in ‘Cash and cash equivalents’ totalling $1.90 billion (2022: $1.04 billion).

Shareholder’s equity was $2.25 billion (2022: $1.96 billion), representing a book value per share of $0.46 (2022: $0.40).

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