May 15, 2024
CABrokers Limited (CABROKERS)
Unaudited financials for the first quarter ended March 31, 2024:
CABrokers Limited (CABROKERS) for the first quarter ended March 31, 2024, reported an 18% increase in revenue totalling $119.88 million compared to $101.86 million in the corresponding three months last year.
Other Operating Income amounted to $11.26 million (2023: $12.11 million), this represents a decrease of 7% year over year. Consequently, total operating income increased by 30% to $148.28 million compared to $113.97 million for the first quarter ended March 31, 2023.
Administrative and Other Expenses increased by 50% to close at $105.80 million (2023: $70.34 million), while Selling Expenses increased by 50% from $25.06 million in 2023 to $37.70 million for the three months. As a result, Total operating expenses for the first quarter amounted to $143.50 million, a 50% increase relative to $95.41 million reported in 2023.
Operating Profit for the three months amounted to $4.79 million, a 74% decrease relative to $18.57 million reported in 2023.
Finance Costs totalled $1.59 million, a 168% increase from the corresponding period last year. (2023: $593,176).
Pretax Profit for the first quarter ended March 31, 2024, amounted to $3.20 million, an 82% decrease relative to $17.97 million reported in 2023.
Net Profit for the three months amounted to $3.20 million, an 81% decrease from the $17.03 million reported in 2023.
Consequently, Earnings Per Share for the three months amounted to $0.01 (2023: EPS: $0.06). The twelve-month trailing EPS was $0.42, and the number of shares used in these calculations was 262,500,000.
Notably, CABROKERS’s stock price closed the trading period on May 15, 2024, at a price of $3.20 with a corresponding P/E ratio of 7.66x.
Balance Sheet Highlights
The company’s assets totalled $1.19 billion (2023: $832.45 million). Notably, a $222.49 million or 150% increase in ‘Receivables’ from $147.86 million in 2023 to $370.35 million in the period accounted mainly for the uptick in the company’s asset base.
Shareholder’s equity was $582.81 million (2023: $480.20 million), representing a book value per share of $2.22 (2023: $1.83).
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