February 22, 2022
CAC 2000 (CAC) revenues for the year ended October 31, 2021, declined by 17% to close at $1.05 billion (2020: $1.26 billion). Revenues for the fourth quarter decreased by 32% to $225.80 million compared to $330.28 million for the same period in the prior financial year.
The cost of sales decreased by 28% to $598.21 million (2020: $834.65 million) for the period under review. Consequently, Gross Profit for the year rose to $447.79 million (2020: $423.86 million), reflecting a 6% year over year increase. For the quarter, Gross Profit increased by 21% to close at $127.18 million (2020: $104.88 million).
The Company reported a 5% increase in total expenses to $383.28 million (2020: $366.20 million). This was as a result of a 6% increase in General Administration to $363.27 million (2020: $342.18 million). The increase was however tempered by a 17% downward movement in Selling & Distribution Expenses to $19.98 million (2020: $24.03 million). As for the fourth quarter, total operating expenses increased by 29% to $91.33 million (2020: $70.68 million).
Other Income of $9.64 million was recorded for the period significantly up from $2.54 million reported for the same period the prior year.
Profit before taxation and finance cost rose to $74.17 million (2020: $60.20 million). While for the quarter, profit before taxation and finance cost closed at $43.94 million (2020: $34.39 million).
Net Finance Costs went up for the period in review to $31.43 million (2020: $27.66 million). this was because of, Other losses for the year end amounted to $4.81 million relative to Other Gain of $1.57 million twelve months earlier. However, Interest Expenses amounted to $26.68 million (2020: $29.52 million) and Interest Income closed at $55,930 (2020: 287,534).
Profit Before Taxation for the year-end closed at $42.74 million versus a profit before taxation of $32.54 million in the prior comparable period. Tax charge for the period amounted to $2.94 million (2020: nil). Net profit and comprehensive income for the year-end amounted to $39.80 million compared to net profit of $32.54 million booked in the same period last year. Net Profit for the quarter was reported at $29.06 million compared to $25.29 million for the corresponding quarter of 2020.
Earnings-per-share (EPS) for the year end amounted to $0.31 compared to a earnings per share of $0.25 in 2020, while for the quarter the EPS amounted to $0.2 versus an EPS of $0.20 in 2020. The number of shares used in our calculations is 129,032,258 units. Notably, CAC’s stock price closed the trading period on February 21, 2022 at a price of $8.07 with a corresponding P/E of 26.16 times.
Balance Sheet Highlights:
As at October 31, 2021, the Company reported total assets of $1.42 billion, a 28% increase when compared to $1.11 billion a year ago. This was resulting from an increase in ‘Inventories’ and ‘Trade and Other Receivables’ which closed at $465.13 million (2020: $335.17 million) and $740.51 (2020: $636.66 million), respectively. ‘Right of Use Assets’ also contributed to increasing which amounted to $78.06 million (2020: $3.08 million).
Total Shareholders’ Equity as at October 31, 2021 was $428.15 million compared to $388.34 million a year ago. This resulted in a book value per share of $3.32 compared to $3.01 in 2020.
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