CAC reports first quarter net loss of $32.76 million

April 22, 2022

CAC 2000 (CAC) revenues for the three months ending January 31, 2022, declined by 12% to close at $222.24 million (2021:$253.33 million).

Cost of sales increased by 7% to $150.33 million (2021: $140.06 million) for the period under review. Consequently, Gross Profit for the period also fell to $71.91 million (2021: $113.27 million), reflecting a 37% decrease year over year.

The Company reported a marginal 1% decrease in total expenses to $95.90 million (2021: $96.65 million). This was due largely to a 20% fall in Selling & Distribution Expenses to $3.81 million (2021: $4.74 million).

CAC 2000 also recorded Other Losses of $3.07 million relative to losses of $1.53 million booked for the same quarter of 2021.

CAC 2000 also recorded a Loss before taxation and finance cost rose to $24.00 million (2021: $16.62 million).

Net Finance Costs went up for the period in review to $8.77 million (2021: $8.69 million).

Loss Before Taxation for the first quarter closed at $32.76 million versus a profit before taxation of $7.94 million in the prior comparable period. CAC 2000 paid no Taxes for the period this year or last quarter. Net Loss and Comprehensive Income for the quarter amounted to $32.76 million compared to net profit of $7.93 million booked in the same period last year.

Loss-per-share (LPS) for the quarter amounted to $0.25 compared to an earnings per share of $0.06 in 2021. The trailing twelve months loss per share was $0.01. The number of shares used in our calculations is 129,032,258 units. Notably, CAC’s stock price closed the trading period on April 22, 2022 at a price of $7.40.

Balance Sheet Highlights:

As at January 31, 2022, the Company reported total assets of $1.37 Billion, a 25% increase when compared to $1.10 billion a year ago. This was resulting from an increase in ‘Inventories’ and ‘Cash & Bank Deposits’ which closed at $496.02 million (2021: $330.37 million) and $103.71 (2021: $88.28 million), respectively. ‘Right of Use Assets’ also contributed to the increase growing from $2.31 million in 2021 to $73.88 million.

Total Shareholders’ Equity as at January 31, 2022 was $395.39 million compared to $396.28 million a year ago. This resulted in a book value per share of $3.06 compared to $3.07 in 2021.


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