November 17, 2025
Carreras Ltd (CAR)
Unaudited Financials for the Nine Months Ended September 30, 2025
Carreras Ltd (CAR) for the nine months ended September 30, 2025, reported a 21% increase in Operating Revenue, totaling $15.38 billion compared to $12.72 billion in the corresponding period last year. Operating Revenue for the third quarter increased by 4%, closing at $5.47 billion compared to $5.23 billion for the comparable quarter of 2024.
Cost of Goods Sold amounted to $6.59 billion (2024: $5.84 billion), representing a 13% year-over-year increase. Consequently, Gross Operating Profit rose by 28% to $8.79 billion compared to $6.88 billion for the nine months ended September 30, 2024. The company recorded Gross Operating Profit of $3.08 billion for the third quarter versus $3.03 billion reported for the similar quarter of 2024.
Other Operating Income decreased by 13% to $170.14 million (2024: $196.65 million), while Administrative, Distribution, and Marketing Expenses increased by 14%, moving from $2.11 billion in 2024 to $2.42 billion in the period under review. As a result, Profit from Operations for the nine months ended September 30, 2025, amounted to $6.46 billion, a 30% increase relative to $4.97 billion reported in 2024. Profit from Operations for the third quarter amounted to $2.32 billion (2024: $2.30 billion).
Income Tax for the nine months ended September 30, 2025, increased by 30% to $1.64 billion (2024: $1.26 billion). Net Profit for the nine months amounted to $4.83 billion, a 30% increase from the $3.71 billion reported in 2024. For the third quarter, Net Profit was $1.73 billion, in line with the $1.73 billion reported for the similar quarter of 2024.
Consequently, Earnings Per Share for the nine months amounted to $0.99 (2024: $0.76), while Earnings Per Share for the quarter totaled $0.36 (2024: $0.36). The twelve-month trailing EPS was $1.51, based on 4,854,400,000 shares used in the calculations.
Notably, CAR’s stock price closed the trading period on November 14, 2025, at $17.53, with a corresponding P/E ratio of 11.58x.
Balance Sheet Highlights
The company’s assets totaled $7.01 billion (2024: $6.30 billion). This increase was attributable to higher inventories, which amounted to $631.80 million compared to $274.66 million in 2024.
Shareholders’ Equity was $3.10 billion (2024: $2.98 billion), representing a Book Value per Share of $0.64 (2024: $0.61).
Disclaimer:
Analyst Certification – The views expressed in this research report accurately reflect the personal views of Mayberry Investments Limited Research Department about those issuer (s) or securities as at the date of this report. Each research analyst (s) also certify that no part of their compensation was, is, or will be, directly or indirectly, related to the specific recommendation(s) or view (s) expressed by that research analyst in this research report.
Company Disclosure – The information contained herein has been obtained from sources believed to be reliable, however its accuracy and completeness cannot be guaranteed. You are hereby notified that any disclosure, copying, distribution or taking any action in reliance on the contents of this information is strictly prohibited and may be unlawful. Mayberry may affect transactions or have positions in securities mentioned herein. In addition, employees of Mayberry may have positions and effect transactions in the securities mentioned herein.
