October 31, 2024
Caribbean Cement Company Ltd (CCC) for the nine months ended September 30, 2024, reported a 1% increase in Revenues totaling $21.49 billion compared to $21.27 billion in the corresponding period last year. Revenues for the third quarter had a 11% decrease to close at $6.21 billion compared to $6.99 billion for the comparable quarter of 2023.
Cost of sales amounted to $12.24 billion (2023: $12.77 billion), this represents a decrease of 4% year over year. Consequently, gross profit increased by 9% to $9.25 billion compared to $8.50 billion for the nine months ended September 30, 2023. The company booked gross profit of $1.76 billion for the third quarter versus $3.51 billion reported for the similar quarter of 2023.
Operating Expenses increased by 5% to close at $2.20 billion (2023: $2.10 billion). As such, Operating Profit before Int. Exp. increased by 10% from $6.40 billion in 2023 to $7.05 billion in the period under review.
Other expenses for the nine months ended September 30, 2024 amounted to $1.07 billion, a 60% increase relative to $668.54 million reported in 2023, while other income amounted to $33.32 million (2023: $36.98 million). Consequently, Operating profit for the nine months ended September 30, 2024, amounted to $6.02 billion, a 4% increase relative to $5.77 billion reported in 2023. Operating profit for the third quarter amounted to $625.12 million (2023: $2.57 billion).
CCC highlighted, “This sharp decline in operating earnings for the third quarter was primarily due to reduced sales caused by Hurricane Beryl, intensive weather that affected our ability to resume production after the major shutdown, and increased operating costs related to a scheduled plant maintenance shutdown. The maintenance was undertaken to enhance operational efficiency and boost production capacity to meet local market demand.”
Finance Costs totalled $93.65 million a 34% decrease from the corresponding period last year. (2023: $142.02 million).
Profit before taxation for the nine months ended September 30, 2024, amounted to $6.23 billion, a 11% increase relative to $5.63 billion reported in 2023. Profit before taxation for the third quarter amounted to $794.56 million (2023: $2.56 billion).
Taxation for the nine months ended September 30, 2024, had a 6% decrease to reach $1.32 billion (2023: $1.24 billion). As such, Net Profit for the nine months amounted to $4.91 billion, a 12% increase from the $4.39 billion reported in 2023. For the third quarter, Net Profit was $629.78 million (2023: $1.94 billion).
Consequently, Earnings Per Share for the nine months amounted to $5.77 (2023: EPS: $5.15), while Earnings Per Share for the quarter totaled $0.74 (2023: EPS: $2.28). The twelve-month trailing EPS was $7.17 and the number of shares used in these calculations was 851,136,591.
Notably, CCC’s stock price closed the trading period on October 30, 2024, at a price of $71.57 with a corresponding P/E ratio of 9.98x.
Balance Sheet Highlights
The company’s assets totalled $39.40 billion (2023: $33.59 billion). The growth in total assets was primarily driven by a $4.71 billion or 102% uptick in ‘Cash and Cash equivalents’ to close the period at $9.35 billion (2023: $4.64 billion).
Shareholder’s equity was $27.37 billion (2023: $22.76 billion), representing a book value per share of $32.16 (2023: $26.74).
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