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.

 

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2018-06-12T15:17:14+00:00