Date: February 20, 2018
Caribbean Cement Company Limited (CCC) for the for the year ended December 31, 2018 reported total revenue for the year ended December 31, 2018 of $17.57 billion, a 6% or $1.06 billion increase when compared with the $16.51 billion reported in 2017. Total revenue for the quarter amounted to $4.33 billion reflecting an increase of 2% over the $4.25 billion achieved in the corresponding quarter.
Earnings before interest, tax, depreciation & amortization (EBITDA) amounted to $5.32 billion, an increase of 79% relative to $2.98 billion for the prior year’s corresponding period. For the quarter, CCC reported EBITDA of $1.46 billion, $911.88 million more than that reported in 2017 (2017: $550.44 million).
Depreciation and amortization closed the year end at $1.16 billion (2017: $531.60 million). CCC reported no Stockholding and inventory restructuring loss for the period relative to $457.82 million reported in 2017. Also, the Company booked no Manpower Restructuring Cost relative to $416.85 million reported in 2017. As such, operating profit for the year amounted to $4.16 billion relative to $1.57 billion booked in 2017.
Interest Income for 2018 financial year end amounted to $12.44 million, a 144% increase compared to $5.10 million for the corresponding period in 2017.
Notably, the company reported $877.54 million for finance cost compared to a $67.87 million reported in 2017.
Profit before taxation for the year end amounted to $3.29 billion, a 118% increase when compared with the $1.51 billion recorded for the 2017 year end. Taxation for the period amounted to $828.57 million, a vast increase of 108% when compared with the $398.68 million reported in 2017. As such, Net profit for the 2018 financial year closed at $2.47 billion, a 122% increase relative to net profit of $1.11 billion reported during the corresponding period in 2017. Net profit for the quarter amounted to $1.15 billion compared to a loss of $702.31 million for the corresponding quarter of 2017.
Total comprehensive income attributable to shareholders for the period amounted to $2.41 billion compared to $1.10 billion for the corresponding period in 2017.
Consequently, earnings per share (EPS) amounted to $2.90 (2017: $1.31), while the earnings per share for the quarter was $1.35 (2017: LPS of $0.83). The number of shares used in this calculation was 851,136,591 shares. Notably, the stock price for CCC closed the trading period on February 20, 2018 at $43.31.
Balance sheet at a Glance:
Total Assets as at December 31, 2018 amounted to $26.79 billion (2017: $12.33 billion), an increase of 117%. The increase in total assets was largely due to the increase in property, plant and equipment which grew by $15.50 billion to a total of $23.78 billion (2017: $8.28 billion). Cash and cash equivalents however tempered this increase in assets with a $1.25 billion decline to $420.79 million (2017: $1.67 billion). The Company noted, “the termination of the lease with our Parent Company, Trinidad Cement Limited (TCL) was concluded in April 2018 with the acquisition of Kiln 5 and Cement Mil 5 (JA$14.9 billion). This transaction is a significant investment in plant and equipment and has increased the company’s fixed asset base by 187%, from JA$8.3 billion as at December 2017 to JA$23.8 billion as at December 2018 as well as improvement in financial results.”
Shareholder’s equity totaled $6.42 billion compared to the $8.34 billion quoted as at December 31, 2017. This resulted in a book value of $7.54 (2017: $9.80).
Disclaimer:
Analyst Certification – This document is for information purposes and should not be construed as a recommendation. 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 effect transactions or have positions in securities mentioned herein. In addition, employees of Mayberry may have positions and effect transactions in the securities mentioned herein.
