November 15, 2024
Carreras Ltd (CAR)
Unaudited financials for the nine months ended September 30, 2024:
Carreras Ltd (CAR) for the nine months ended September 30, 2024 reported a 5% increase in Operating Revenue totaling $12.72 billion compared to $12.08 billion in the corresponding period last year. Operating Revenue for the third quarter had a 28% increase to close at $5.23 billion compared to $4.07 billion for the comparable quarter of 2023. Cost of Operating Revenue amounted to $5.84 billion (2023: $6.27 billion), this represents a decrease of 7% year over year. Consequently, gross operating profit increased by 19% to $6.88 billion compared to $5.80 billion for the nine months ended September 30, 2023. The company booked gross operating profit of $3.03 billion for the third quarter versus $2.12 billion reported for the similar quarter of 2023.
Other Operating Income decreased by 11% to close at $196.65 million (2023: $221.46 million), while Administrative, Distribution and Marketing Expenses increased by 8% from $1.95 billion in 2023 to $2.11 billion in the period under review. As a result, profit from operation for the nine months ended September 30, 2024, amounted to $4.97 billion, a 23% increase relative to $4.04 billion reported in 2023. Profit before Income Tax for the nine months ended September 30, 2024, amounted to $4.97 billion, a 23% increase relative to $4.04 billion reported in 2023. Profit before Income Tax for the third quarter amounted to $2.30 billion (2023: $1.47 billion).
Income tax for the nine months ended September 30, 2024, had a 26% increase to reach $1.26 billion (2023: $997.62 million). Net profit for the nine months amounted to $3.71 billion, a 22% increase from the $3.04 billion reported in 2023. For the third quarter, Net profit was $1.73 billion (2023: $1.10 billion). Total comprehensive income for the nine months ended September 30, 2024, amounted to $3.71 billion, a 22% increase relative to $3.04 billion reported in 2023. Total comprehensive income for the third quarter amounted to 1.73 billion (2023: $1.10 billion).
Consequently, Earnings Per Share for the nine months amounted to $0.76 (2023: EPS: $0.63), while Earnings Per Share for the quarter totaled $0.36 (2023: EPS: $0.23). The twelve-month trailing EPS was $0.88 and the number of shares used in these calculations was 4,854,400,000. Notably, CAR’s stock price closed the trading period on November 14, 2024 at a price of $8.92 with a corresponding P/E ratio of 10.19x.
Balance Sheet Highlights
The company’s assets totalled $6.50 billion (2023: $5.97 billion). The overall growth in the company’s asset base is primarily attributed to a year-over-year increase in “Property, Plant & Equipment,” which reached $609.25 million (up from $667.24 million in 2023).
Shareholder’s equity was $2.98 billion (2023: $2.25 billion), representing a book value per share of $0.61 (2023: $0.46).
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