August 14, 2023
CABROKERS Limited (CAB) for the six months ended June 30, 2023 reported a 12% increase in Revenue totaling $200.59 million compared to $178.32 million in the corresponding period last year. Revenue for the second quarter had a 13% increase to close at $98.72 million compared to $87.72 million for the comparable quarter of 2022.
Other Operating Income amounted to $14.70 million (2022: $17.40 million), this represents a decrease of 16% year over year. Consequently, total operating income increased by 10% to $215.29 million compared to $195.72 million for the six months ended June 30, 2022. The company booked total operating income of $101.31 million for the second quarter versus $91.50 million reported for the similar quarter of 2022.
Administrative and Other Expenses increased by 6% to close at $138.91 million (2022: $131.28 million), while Selling Expenses decreased by 3% from $57.13 million in 2022 to $55.54 million in the period under review. As a result, total operating expenses for the six months ended June 30, 2023 amounted to $194.45 million, a 3% increase relative to $188.41 million reported in 2022.
Operating Profit for the six months ended June 30, 2023, amounted to $20.84 million, a 185% increase relative to $7.31 million reported in 2022. Operating Profit for the second quarter amounted to $2.27 million (2022: $3.78 million). Finance Costs totalled $1.83 million a 12% decrease from the corresponding period last year. (2022: $2.07 million).
Pretax Profit for the six months ended June 30, 2023, amounted to $19.01 million, a 263% increase relative to $5.24 million reported in 2022. Pretax Profit for the second quarter amounted to $1.04 million (2022: $2.79 million).
Taxation for the six months ended June 30, 2023 had a 19% decrease to reach $938,590 (2022: $790,166) . Net Profit for the six months amounted to $18.07 million, a 306% increase from the $4.45 million reported in 2022. For the second quarter, Net Profit was $1.04 million (2022: $2.64 million).
Consequently, Earnings Per Share for the six months amounted to $0.07 (2022: EPS: $0.02), while Earnings Per Share for the quarter totaled $0.004 (2022: EPS: $0.01). The twelve month trailing EPS was $0.36 and the number of shares used in these calculations was 262,500,000.
Notably, CABROKERS’s stock price closed the trading period on August 14, 2023 at a price of $3.00 with a corresponding P/E ratio of 8.45x.
Balance Sheet Highlights
The company’s assets totalled $844.16 million (2022: $760.29 million).
Shareholder’s equity was $481.23 million (2022: $389.63 million), representing a book value per share of $1.83 (2022: $1.48).
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