Date: June 03, 2019
CAC 2000 (CAC) Limited held its Annual General Meeting today, which commenced with opening remarks made by the Chairman and CEO, Mr. Steven Marston. Mr. Marston outlined that the year started out slowly but then begun to progress, only to have operations severely disrupted by the ongoing Three Miles construction. The construction restricted access for customers, suppliers, employees, and tempered the company’s financial performance as a result of revenue, cost and cash reductions.
For the financial year under review, Mr. Marston highlighted that, “revenue for October 2018 was flat at $1.21 billion with net profit closing at $75 million. Consideration was given to setting up a temporary location to offset fallout of walk-in traffic, however at year-end action had not yet been taken as the Company had deployed other strategies such as mobile tools, work from home and proactive sales visits to customers instead of having them come to the location.”
Nonetheless, in keeping with the Company’s five-year strategic plan, the Company was able to secure a project in Barbuda where CAC will play a pivotal role in the 10-year project. “CAC will support the construction of a high-income development in the island of Barbuda by the developer Discovery Land Company,” Mr. Marston stated. This contract is an integral step in expanding the Company to other countries within the region.
During the year, CAC successfully financed two large commercial projects and are planning a major strategy to access more funds, from local and overseas sources, to further expand financed solutions.
In addition, the Company completed some local projects which includes installation work at Megamart Portmore, where CAC developed its second Hybrid VRF solution for the supermarket chain. Work was done at the Alorica BPO building as the Company was again engaged to design and provide air conditioning and ventilation services for Building #4 at the location. Also, at the Southern Cross BPO, CAC 2000 and their team designed and constructed a complete retrofit solution for another BPO in Montego Bay, which involved the replacement of an existing chilled water system with 331 tons of state-of-the-art air conditioning and ventilation equipment.
Outlook
- Local and regional expansion
- Upgraded products to more efficient units with expanded feature sets/capabilities
- New products/solutions including significant presence in the renewable energy business
- Providing energy saving solutions to businesses financed by credit arrangements
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