CAC netted $53.65 million profit for six months ending April 2018

June 12, 2018

CAC revenues for the six months ended April 30, 2018 increased 10% to $623.44 million relative to $567.51 million for the comparable period in 2017. Revenues for the second quarter increased by 45% to $383.93 million compared to $265.64 million for the same period the prior financial year.

Cost of Sales also increased by 3% for the period to $374.27 million (2017: $364.19 million). Consequently, Gross Profit for the period improved $45.84 million or 23% to $249.17 million (2017: $203.33 million).

For the six months ended April 2018, The Company reported a 33% increase in Total Expenses to $195.50 million (2017: $146.87 million). This was as a result of a 39% increase in General Administration to $178.53million (2017: $128.16 million) and a 9% downward movement in Selling & Distribution Expenses to $16.97million (2017: $18.71 million). According to the company “ the increases were primarily related to salaries, professional fees (including costs related to the recent preference share issue) and travel related expenses.” For the quarter, the Company reported a 57% increase in Total Expenses closing at $109.25 million compared to $69.16 million in 2017.

Other Income of $4.42 million was recorded for the period up from $2.12 million reported for the same period the prior year. The Company noted this was “due to tax credits booked.” Consequently, Profit before Taxation and Finance Cost fell by 1% to $58.09 million (2017: $58.57 million).

Net Finance Costs decreased significantly for the period in review to $4.43 million (2017: $7.15 million).

Profit Before Taxation increased by 4% for the six months to close at $53.65 million (2017: $51.43 million). No taxes were recorded for the period compared to a tax credit of $222,812 reported in 2017. As such, Net Profit for the six months increased 4% to $53.65 million (2017: $51.65 million). Net Profit for the quarter was reported at $55.88 million (2017: $27.49 million), representing a 103% increase.

Earnings-per-share (EPS) for the six months amounted to $0.42 compared to $0.40 in 2017, while for the quarter the EPS amounted to $0.43 (2017: $0.21). The twelve months trailing EPS amounted to $0.79. The number of shares used in our calculations is 129,032,258 units. Notably, CAC’s stock price closed the trading period on June 12, 2018 at a price of $8.00.

Balance Sheet Highlights:  

As at April 30, 2018, the Company reported total assets of $1.18 billion, a 49% increase when compared to $793.05 million a year ago. This was as a result ‘Cash and Bank Deposits’ which increased 137% to $261.13 million (2017: $110.02 million) and ‘Trade and Other Receivables’ which increased 59% to $590.71 million (2017: $372.37 million).

Shareholders’ Equity as at April 30, 2018 was $476.74 million compared to $374.01 million a year ago. This resulted in a book value per share of $3.69 compared to $2.90 in 2017.


The information contained herein has been obtained from sources believed to be reliable, however its accuracy and completeness cannot be guaranteed. You are hereby notified that any disclosure, copying, distribution or taking any Action in reliance on the contents of this information is strictly prohibited and may be unlawful. Mayberry may effect transactions or have positions in securities mentioned herein. In addition, employees of Mayberry may have positions and effect transactions in the securities mentioned herein.