May 28, 2021

Carreras Limited, for the year ended March 31, 2021, reported operating revenue of $13.97 billion, 1% less than the $14.13 billion booked in 2020. Revenue for the quarter fell 1% to $3.81 billion (2020: $3.84 billion).

Cost of operating revenue increased year over year by 0.4%, amounting to $7.16 billion from $7.13 billion recorded in the year prior. As such, gross operating profit for the year ended March 31, 2021 declined by 3% to total $6.81 billion (2020: $6.99 billion). For the quarter, gross profit closed at $1.88 billion versus $1.91 billion reported in the prior comparable quarter.

Other operating income for the year ended March 31, 2021 rose by 9% moving from $201.74 million in 2020 to $219.39 million in 2021. For the quarter, other operating income closed at $174.65 million (2020: $173.38 million).

Administrative, distribution and marketing expenses contracted by 16% to total $1.99 billion (2020: $2.37 billion) for the year ended March 31, 2021. Impairment loss on trade receivables and employee benefits expense totalled $2.93 million (2020: $1.77 million) and $56.90 million (2020: $44.70 million), respectively. Lease interest expense amounted to $20.58 million (2020: $16.79 million).

Profit before income tax was recorded at $4.96 billion compared to $4.76 billion in the prior year. While, for the quarter, profit before income tax amounted to $1.478 billion (2020: $1.484 billion).

Net profit for the year end increased by 4% to $3.74 billion (2020: $3.58 billion), after incurring taxes of $1.22 billion (2020: $1.18 billion). For the quarter, net profit closed a $1.14 billion compared to $1.13 billion reported in the same period last year.

Profit attributable to shareholders amounted $3.74 billion (2020: $3.58 billion). Total comprehensive income for the year ended March 31, 2021 amounted to $3.73 billion (2020: $3.54 billion).

Earnings per share for the year ended March 31, 2021 was $0.77 (2020: $0.74), while for the quarter, EPS amounted to $0.24 (2020: $0.23). The number of shares used in the computations amounted to 4,854,400,000 units. CAR closed the trading period on May 27, 2021 at $10.52 with a corresponding P/E ratio of 13.66 times.

Balance Sheet Highlights:

Total assets amounted to $5.07 billion as at March 31, 2021, up from $4.23 billion reported in 2020. This was mainly due to an increase in ‘Accounts receivable’, and ‘Cash and cash equivalents’ which closed at $1.36 billion million (2020: $995.31 million) and $2.23 billion (2020: $2.02 billion), respectively.

Shareholders’ equity attributable to stockholders of parent amounted $2.10 billion (2020: $1.77 billion) with book value per share of $0.43 (2020: $0.37).

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