CABROKERS reports 39% increase in year end net profit

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).



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