November 11, 2023
CABrokers Limiited (CABROKERS) for the nine months ended September 30, 2023 reported a 7% decrease in Revenue totaling $373.01 million compared to $400.74 million in the corresponding period last year. Revenue for the third quarter had a 22% decrease to close at $172.42 million compared to $222.43 million for the comparable quarter of 2022.
Other Operating Income amounted to $45.63 million (2022: $31.54 million), this represents an increase of 45% year over year. Consequently, total operating income decreased by 3% to $418.64 million compared to $432.28 million for the nine months ended September 30, 2022. The company booked total operating income of $203.35 million for the third quarter versus $237.49 million reported for the similar quarter of 2022.
Administrative and Other Expenses increased by 15% to close at $235.80 million (2022: $204.58 million), while Selling Expenses increased by 1% from $119.20 million in 2022 to $119.90 million in the period under review. As a result, total operating expenses for the nine months ended September 30, 2023 amounted to $355.70 million, a 10% increase relative to $323.78 million reported in 2022.
Operating Profit for the nine months ended September 30, 2023, amounted to $62.94 million, a 42% decrease relative to $108.50 million reported in 2022. Operating Profit for the third quarter amounted to $42.10 million (2022: $101.19 million). Finance Costs totalled $2.31 million a 21% decrease from the corresponding period last year. (2022: $2.93 million).
Pretax Profit for the nine months ended September 30, 2023, amounted to $60.63 million, a 43% decrease relative to $105.57 million reported in 2022. Pretax Profit for the third quarter amounted to $41.62 million (2022: $100.33 million).
Taxation for the nine months ended September 30, 2023 decreased to reach $4.51 million (2022: $647,488) . Net Profit for the nine months amounted to $56.12 million, a 47% decrease from the $104.92 million reported in 2022. For the third quarter, Net Profit was $37.11 million (2022: $100.47 million).
Consequently, Earnings Per Share for the nine months amounted to $0.21 (2022: EPS: $0.40), while Earnings Per Share for the quarter totaled $0.14 (2022: EPS: $0.38). The twelve month trailing EPS was $0.11 and the number of shares used in these calculations was 262,500,000.
Notably, CABROKERS’s stock price closed the trading period on November 13, 2023 at a price of $2.80 with a corresponding P/E ratio of 25.19x.
Balance Sheet Highlights
As at September 30, 2023, the Company’s assets totalled $1.39 billion (2022: $1.21 billion), 14% more than its value as at September 30, 2022. This was due to largely to increases in ‘Receivables’ and ‘Cash and cash balances’ to $212.88 million (2022: $180.69 million) and $897.87 million (2022: $769.85 million), respectively.
Shareholder’s equity was $512.27 million (2022: $490.10 million), representing a book value per share of $1.95 (2022: $1.87).
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