February 2, 2024
CAC 2000 Limited (CAC)
Audited financials for the twelve months ended October 31, 2023:
CAC 2000 Limited (CAC) for the twelve months ended October 31, 2023, reported a 26% decrease in Revenue totaling $823.04 million compared to $1.11 billion in the corresponding period last year. Revenue for the fourth quarter had a 48% decrease to close at $185.28 million compared to $355.88 million for the comparable quarter of 2022.
Cost of Sales amounted to $547.20 million (2022: $679.83 million), this represents a decrease of 20% year over year.
Consequently, gross profit decreased by 36% to $275.84 million compared to $430.98 million for the twelve months ended October 31, 2022. The company booked gross profit of $40.64 million for the fourth quarter versus $120.29 million reported for the similar quarter of 2022.
Selling & Distribution expenses decreased by 19% to close at $16.72 million (2022: $20.55 million), while General Administration expenses decreased by 18% from $390.18 million in 2022 to $319.55 million in the period under review. As a result, total expenses for the twelve months ended October 31, 2023, amounted to $336.28 million, a 18% decrease relative to $410.73 million reported in 2022.
Operating Loss for the twelve months ended October 31, 2023, amounted to $61.02 million, relative to operating profit of $55.10 million reported in 2022. Operating loss for the fourth quarter amounted to $41.07 million (2022: Profit of $57.02 million).
Net Finance cost totalled $51.49 million, a 52% increase from the corresponding period last year. (2022: $33.88 million).
Loss before Taxation for the twelve months ended October 31, 2023, amounted to $112.50 million, compared to pre-tax profit of $21.22 million reported in 2022. Loss before Taxation for the fourth quarter amounted to $33.81 million (2022: Profit of $41.04 million).
Tax credit for the twelve months ended October 31, 2023, amounted to $14.27 million (2022: Tax charge of $820,999).
Net Loss for the twelve months amounted to $98.23 million, down from net profit of $20.40 million reported in 2022. For the fourth quarter, Net loss was $24.29 million (2022: Profit of $40.30 million).
Consequently, Loss Per Share for the twelve months amounted to $0.76 (2022: EPS: $0.16), while Loss Per Share for the quarter totaled $0.19 (2022: EPS: $0.31).
Notably, CAC’s stock price closed the trading period on February 02, 2024, at a price of $4.51.
Balance Sheet Highlights
The company’s assets totalled $1.32 billion (2022: $1.27 billion). The increase in total assets was led by a 6% uptick in ‘Inventories’ to close the period at $613.40 million (2022: $578.43 million)
Shareholder’s equity was $342.57 million (2022: $444.03 million), representing a book value per share of $2.65 (2022: $3.44).
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