CAC reports nine months net loss of $19.90 million

September 14, 2022

CAC 2000 Limited’s (CAC) ‘Revenues’ for the nine months ended July 31, 2022 decreased 8% to $754.94 million (2021: $820.20 million). For the third quarter, ‘Revenues’ decreased by 30% to $219.28 million (2021: $311.68 million).

‘Cost of Sales’ decreased by 11% for the period to $444.24 million (2021: $499.59 million). Consequently, ‘Gross Profit’ for the period fell by 3% to close at $310.70 million (2021: $320.61 million). For the quarter, ‘Gross Profit’ fell 33% to close at $74.40 million (2021: $111.82 million).

The Company reported a 10% increase in ‘Total Expenses’ to $320.86 million (2021: $291.91 million). This was as a result of a 11% increase in ‘General Administration’ to $305.07 million (2021: $275.85 million) and 2% decrease in ‘Selling & Distribution’ to $15.78 million (2021: $16.06 million). For the quarter, the Company reported a 8% increase in ‘Total Expenses’ which closed at $108.99 million (2021: $100.71 million).

‘Other Income’ of $8.24 million was recorded for the period up from $1.55 million reported for the same period the prior year. ‘Loss before Taxation and Finance Cost’ amounted to $1.92 million, versus a profit of $30.24 million booked in 2021.

‘Net Finance Costs’ decreased 20% for the period in review to $17.90 million (2021: $22.36 million); as a result of ‘Interest Expense’ and ‘Interest Income’ for the nine months amounting to $20.66 million (2021: $18.88 million) and $41,951 (2021: $40,388), respectively.

‘Loss Before Taxation’ for the nine months closed at $19.82 million (2021: profit of $7.87 million). Tax of $83,604 was charged for the period (2021: credit of $2.87 million). As such, ‘Net Loss’ for the nine months closed at $19.90 million (2021: profit of $10.74 million). F or the quarter, ‘Net Loss’ was reported at $33.70 million (2021: profit of $2.04 million).

Loss-per-share (LPS) for the nine months amounted to $0.15 (2021: EPS of $0.08), while for the quarter the LPS amounted to $0.26 (2021: EPS of $0.02). The twelve months trailing EPS amounted to $0.07. The number of shares used in our calculations is 129,032,258 units. Notably, CAC’s stock price closed the trading period on September 13, 2022 at a price of $6.96.

Balance Sheet Highlights:

As at July 31, 2022, the Company reported total assets of $1.51 billion, a 32% increase when compared to $1.14 billion a year ago. This was as a result ‘Inventories’ which increased 82% to $642.13 million (2021: $352.18 million).

Shareholders’ Equity as at July 31, 2022 was $403.73 million compared to $399.09 million a year ago. This resulted in a book value per share of $3.13 (2021: $3.09).



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