November 14, 2024
Cabrokers Limiited (CABROKERS)
Unaudited financials for the nine months ended September 30, 2024:
Cabrokers Limiited (CABROKERS) for the nine months ended September 30, 2024 reported a 9% increase in Revenue totaling $408.11 million compared to $373.01 million in the corresponding period last year. Revenue for the third quarter had a 10% increase to close at $155.63 million compared to $172.42 million for the comparable quarter of 2023.
Other Operating Income amounted to $33.03 million (2023: $45.63 million), this represents a decrease of 28% year over year. Consequently, total operating income increased by 9% to $458.29 million compared to $418.64 million for the nine months ended September 30, 2023. The company booked total operating income of $170.58 million for the third quarter versus $203.35 million reported for the similar quarter of 2023.
Administrative and Other Expenses increased by 31% to close at $308.44 million (2023: $235.80 million), while Selling Expenses increased by 31% from $119.90 million in 2023 to $156.84 million in the period under review. As a result, total operating expenses for the nine months ended September 30, 2024 amounted to $465.28 million, a 31% increase relative to $355.70 million reported in 2023.
Operating Loss for the nine months ended September 30, 2024, amounted to $6.99 million relative to operating profit of $62.94 million reported in 2023. Operating Profit for the third quarter amounted to $2.33 million (2023: $42.10 million). Finance Costs totaled $10.77 million, a 366% increase from the corresponding period last year. (2023: $2.31 million).
Pretax Loss for the nine months ended September 30, 2024, amounted to $17.75 million, relative to pretax profit of $60.63 million reported in 2023. Pretax Loss for the third quarter amounted to $5.58 million (2023: pretax profit of $41.62 million).
No taxation was reported for the nine months ended September 30, 2024. As such Net Loss for the nine months amounted to $17.75 million, compared to net profit of $56.12 million profit reported in 2023. For the third quarter, Net Loss was $5.58 million (2023: net profit of $37.11 million).
Consequently, Loss Per Share for the nine months amounted to $0.07 (2023: EPS: $0.21), while Loss Per Share for the quarter totaled $0.02 (2023: EPS: $0.14). The twelve month trailing EPS was $0.19 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, 2024 at a price of $3.47 with a corresponding P/E ratio of 18.37x.
Balance Sheet Highlights
The company’s assets totalled $1.43 billion (2023: $1.39 billion). The movement in total assets was mainly influenced by a $33.48 million increase in ‘Cash and bank balances’ amounting to $931.35 million (2023: $897.87 million).
Shareholder’s equity was $524.88 million (2023: $512.27 million), representing a book value per share of $2.00 (2023: $1.95).
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