March 2, 2023
Caribbean Assurance Brokers (CABROKERS), for the year ended December 31, 2022, reported revenue of $469.20 million compared to the $423.44 million booked for the prior year, an 11% increase. For the quarter, revenue went up by 3% closing at $68.46 million (2021: $66.70 million).
Other operating income totalled $36.70 million (2021: $39.61 million) for the year ended December 31, 2022. As such, total operating income amounted to $505.90 million (2021: $463.05 million) for the twelve months ended December 31, 2022.
Total operating expenses was $426.56 million for the year ended December 31, 2022, representing an increase of 7% on the $400.19 million recorded in the prior year. Total operating income for the fourth quarter amounted to $73.62 million compared to $70.61 million recorded for the fourth quarter of 2021.
Operating profit, therefore, amounted to $79.34 million (2021: $62.87 million) for the year ended December 31, 2022, reflecting an increase of 26% year over year. For the quarter, total operating expenses closed the period at $102.78 million (2021: $92.46 million)
Finance cost increased to total $3.92 million (2021: $5.76 million), representing a 32% decrease.
Consequently, profit before taxation increased to $75.42 million compared to $57.10 million in 2021. After incurring tax charges of $2.57 million (2021: $969,693), net profit amounted to $77.99 million, a 39% increase when compared to $56.13 million in the prior corresponding period. For the quarter, the Company reported a net loss of $26.33 million relative to a net loss of $22.81 million in the fourth quarter of 2021.
Total comprehensive income amounted to $77.96 million compared to $56.13 million recorded in 2021.
Earnings per share (EPS) closed the period at $0.30 (2021: $0.21), while for the quarter, the loss per share was $0.10 (2021: LPS $0.09). The total number of shares used in the computation amounted to 262,500,000 units. Notably, CABROKERS closed the trading period on March 1, 2023 at a price of $1.93 with a corresponding P/E of 6.50 times.
Balance Sheet Highlights:
As at December 31, 2022, the Company’s assets totalled $706.46 million (2021: $627.01 million), 13% more than its value as at December 31, 2021. This was due to a large 26% increase in ‘Cash and bank balance’ which amounted to $254.66 million (2021: $201.56 million). ‘Right of use’ tempered the increase, by closing at $9.39 million (2021: $15.04 million), reflecting a 38% decrease year on year
Total Shareholders’ Equity totalled $463.16 million (2021: $388.54 million), which translated to a book value of $1.76 per share (2021: $1.48).
Disclaimer:
Analyst Certification -The views expressed in this research report accurately reflect the personal views of Mayberry Investments Limited Research Department about those issuer (s) or securities as at the date of this report. Each research analyst (s) also certify that no part of their compensation was, is, or will be, directly or indirectly, related to the specific recommendation (s) or view (s) expressed by that research analyst in this research report.
Company Disclosure -The information contained herein has been obtained from sources believed to be reliable, however its accuracy and completeness cannot be guaranteed. You are hereby notified that any disclosure, copying, distribution or taking any action in reliance on the contents of this information is strictly prohibited and may be unlawful. Mayberry may affect transactions or have positions in securities mentioned herein. In addition, employees of Mayberry may have positions and effect transactions in the securities mentioned herein.
