Results for the year ended September 30, 2017:

Revenues for the year increased by 19% to $1.21 billion, compared to $1.02 billion for the prior financial year. CAC revenues for the fourth quarter increased 22% to $411.75 million relative to $338.77 million for the comparable period in 2016.  Cost of Sales also increased, by 29% to close at $786.50 million for the year (2016: $607.53 million). Consequently, Gross Profit improved by 3% to $424.44 million (2016: $410.08 million), while for the quarter, CAC booked gross profit of $147.96 million (2016: $154.61 million).

For the quarter the company saw a 17% decline in Total Expenses to close at $91.46 million (2016: $78.04 million). For the year ended September 2017 there was a 7% increase in Total Expenses to $308.90 million (2016: $255.50 million). This was as a result of a 17% upward movement in Selling & Distribution Expenses to $37.42 million (2016: $31.85 million) as well as a 6% increase in General Administration to $271.48 million (2016: $255.50 million).

There was a $1.95 million increase in in Other Income to $2.12 million from $169,411 reported for the same period the prior year. Consequently, Profit before finance cost and taxation surged 529% to close at $117.65 million compared to $18.72 million in 2016. This was as a result of $104.18 million booked for ‘Court awarded damages’ in 2016.

Net Finance Costs increased significantly for the period in review to $17.14 million (2016: $7.40 million).

Profit Before Taxation increased 788% for the year and closed at $100.51 million (2016: $11.32 million). Tax charges of $222,812 compared to a tax charge of $845,746 for 2016. Year-end profit amounted to $100.29 million compared to $10.47 million reported for 2016. Net Profit for the quarter amounted to $50.28 million compared to a Net Loss of $28.81 million incurred for the corresponding quarter of 2016.

Earnings-per-share (EPS) for the financial year totaled $0.78 compared to $0.08 in 2016, while the earnings per share for the quarter amounted to $0.39 relative to a loss of $0.22 in 2016. The twelve months trailing EPS amounted to $0.78. The number of shares used in our calculations is 129,032,258 units. The stock ended trading on January 4, 2017 at $6.50.

Balance Sheet Highlights:  

 As at September 30, 2017, the Company reported total assets of $985.21 million, a $133.50 million increase when compared to $851.71 million a year ago. This was mainly due to a year over year 50% increase in Trade and Receivables and a 21% year over year increase in Cash and Bank deposits.

Shareholders’ Equity as at October 30, 2017 was $423.09 million compared to $322.36 million a year ago. This resulted in a book value per share of $3.28 compared to $2.50 in 2016.

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