August 12, 2024
CABrokers Limited (CABROKERS)
Unaudited financials for the six months ended June 30, 2024:
CABrokers Limited (CABROKERS) for the six months ended June 30, 2024, reported a 26% increase in Revenue totalling $252.48 million compared to $200.59 million in the corresponding period last year. Revenue for the second quarter had a 34% increase to close at $132.60 million compared to $98.72 million for the comparable quarter of 2023.
Other Operating Income amounted to $18.09 million (2023: $14.70 million), this represents an increase of 23% year over year. Consequently, total operating income increased by 34% to $287.71 million compared to $215.29 million for the six months ended June 30, 2023. The company booked total operating income of $139.43 million for the second quarter versus $101.31 million reported for the similar quarter of 2023.
Administrative and Other Expenses increased by 53% to close at $212.19 million (2023: $138.91 million), while Selling Expenses increased by 53% from $55.54 million in 2023 to $84.84 million in the period under review. As a result, Total Operating Expenses for the six months ended June 30, 2024, amounted to $297.03 million, a 53% increase relative to $194.45 million reported in 2023.
Operating Loss for the six months ended June 30, 2024, amounted to $9.32 million relative to $20.84 million Operating Profit reported in 2023. Operating Loss for the second quarter amounted to $14.10 million, a 721% decrease when compared to the similar quarter of 2023 which reported Operating Profit of $2.27 million. Finance Costs totalled $2.85 million a 56% increase from the corresponding period (2023: $1.83 million).
Pretax Loss for the six months ended June 30, 2024, amounted to $12.17 million, a 164% decrease relative to the Pretax Profit of $19.01 million reported in 2023. Pretax Loss for the second quarter amounted to $15.37 million resulting in a decrease when compared to pretax profit of $1.04 million recorded in the same quarter of 2023.
Net Loss for the six months amounted to $12.17 million, a 167% decrease from the Net Profit of $18.07 million reported in 2023. For the second quarter, Net Loss was $15.37 million resulting in a significant decrease when compared to the Net Profit of $1.04 million reported in 2023.
Consequently, Loss Per Share for the six months amounted to $0.05 (2023: EPS: $0.07), while Loss Per Share for the quarter totalled $0.06. The twelve-month trailing EPS was $0.36, and the number of shares used in these calculations was 262,500,000.
Notably, CABROKERS’s stock price closed the trading period on August 9, 2024, at a price of $2.99 with a corresponding P/E ratio of 8.42x.
Balance Sheet Highlights
The company’s assets totalled $1.12 billion (2023: $844.16 million). The increase in assets was attributable to ‘Receivables’ which increased by 67% equating to $507.80 million for the period under review (2023: $303.86 million).
Shareholders’ equity amounted to $567.44 million (2023: $481.23 million), resulting in a book value per share of $2.16 (2023: $1.83).
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