CABROKERS reports nine months net profit of $104.92 million

November 7, 2022

Caribbean Assurance Brokers (CABROKERS), for the nine months ended September 30, 2022, reported revenue of $400.74 million (2021: $356.74 million). Other revenue for the period amounted to $31.54 million (2021: $35.70 million). Total revenue for the nine months closed at $432.28 million ($392.44 million in 2021). For the quarter, total revenue went up by 6% closing at $237.49 million (2021: $224.40 million).

Total operating expenses totalled $323.78 million for the nine-month period (2021: $307.72 million). Of this, administrative expenses amounted to $204.58 million, 6% higher when compared to the $193.02 million in 2021. Selling expenses recorded a 4% increase for the nine months totalling $119.20 million (2021: $114.71 million). For the quarter, total operating expenses closed the period at $136.29 million (2021: $121.49 million).

Operating profit for the nine-month period amounted to $108.50 million (2021: $84.72 million). For the third quarter ended September 30, 2022, CABROKERS booked an operating profit of $101.19 million (2021: $102.91 million).

Finance cost amounted to $2.93 million (2021: $4.37 million), while, for the quarter, finance cost closed at $863,232 (2021: $1.39 million).

Profit before taxation amounted to $105.57 million (2021: $80.35 million). After incurring tax charge of $647,488 (2021: $1.40 million), net profit amounted to $104.92 million (2021: $78.94 million). For the quarter, the Company reported a net profit of $100.47 million ($100.26 million).

Earnings per share (EPS) closed the period at $0.40 (2021: EPS of $0.30), while for the quarter, the earnings per share (EPS) was remained at $0.38. The trailing twelve months EPS for amounted $0.31. The total number of shares used in the computation amounted to 262,500,000 units. Notably, CABROKERS closed the trading period on November 7, 2022 at a price of $2.97 with a corresponding P/E of 9.49 times.

Balance Sheet Highlights:

As at September 30, 2022, the Company’s assets totalled $1.21 billion (2021: $1.23 billion), 8% more than its value as at September 30, 2021. This was due to largely to increases in ‘Receivable’ and ‘Cash and cash balances’ to $180.69 million (2021: $134.20 million) and $769.85 million (2021: $711.60 million), respectively.

Total Shareholders’ Equity totalled $490.10 million (2021: $411.35 million), which translated to a book value of $1.87 per share (2021: $1.57).


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