June 15, 2023
CAC 2000 Limited (CAC) for the six months ended April 30, 2023 reported a 28% decrease in revenue totaling $386.51 million compared to $535.66 million in the corresponding period last year. Revenue for the second quarter had a 17% decrease to close at $258.61 million compared to $313.42 million for the comparable quarter of 2022.
Cost of sales amounted to $234.44 million (2022: $299.36 million), this represents a decrease of 22% year over year. Consequently, gross profit decreased by 36% to $152.06 million compared to $236.30 million for the six months ended April 30, 2022. The company booked gross profit of $106.66 million for the second quarter versus $164.99 million reported for the similar quarter of 2022.
General administration costs decrease by 16% to close at $170.71 million (2022: $204.10 million, while selling & distribution costs decreased by 48% from $7.77 million in 2022 to $4.03 million in the period under review. As a result, total expenses for the six months ended April 30, 2023 amounted to $174.74 million, a 18% decrease relative to $211.87 million reported in 2022.
Loss before finance costs and taxation for the six months ended April 30, 2023, amounted to $19.52 million relative to profit of $25.73 million reported in 2022. Profit before finance costs and taxation for the second quarter amounted to $25.17 million (2022: $50.32 million). Net Finance Costs totalled $33.05 million, a 166% increase from the corresponding period last year (2022: $12.40 million).
Loss before taxation for the six months ended April 30, 2023, amounted to $52.57 million, a 494% decrease relative to profit of $13.33 million reported in 2022. Profit before taxation for the second quarter amounted to $3.18 million (2022: $46.68 million).
Taxation for the six months ended April 30, 2023 had a 1457% increase to reach $7.30 million (2022: $468,798) . Net loss for the six months amounted to $45.27 million relative to the profit of $13.80 million reported in 2022. For the second quarter, Net profit was $6.56 million (2022: $47.15 million).
Consequently, Loss Per Share for the six months amounted to $0.35 (2022: EPS: $0.11), while Earnings Per Share for the quarter totaled $0.05 (2022: EPS: $0.37). The twelve month trailing LPS was $0.30 and the number of shares used in these calculations was 129,032,258. Notably, CAC’s stock price closed the trading period on June 14, 2023 at a price of $7.09.
Balance Sheet Highlights
The company’s assets totalled $1.28 billion (2022: $1.58 billion). The decrease was as a result of ‘Inventories’ declining to $578.82 million (2022: $608.59 million) and ‘Trade and Other Receivables’ declining to $520.46 million (2022: $743.29 million).
Shareholder’s equity was $398.76 million (2022: $437.43 million), representing a book value per share of $3.09 (2022: $3.39).
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