CCC reports 24% increase in year-end net profit

April 6, 2023

Caribbean Cement Company Limited (CCC) reported total revenue for the year ended December 31, 2022 of $25.84 billion an 8% increase when compared with the $23.84 billion reported in 2021. For the quarter, total revenues closed at $6.15 billion (2021: $6.04 billion).

Cost of sales amounted to $14.48 billion (2021: $14.01 billion), which resulted in gross profit of $11.36 billion for the year end versus gross profit of $9.83 billion reported in the prior comparable year. For the quarter, gross profit amounted $2.51 billion (2021: $2.86 billion).

Operating expenses closed the year end at $2.68 billion (2021: $2.50 billion), a 7% increase year over year. Despite the increase in operating expense, operating profit increased 18% year over year tototal $8.68 billion versus $7.33 billion in the previous corresponding year.

Other expenses of $916.55 million was recorded for the period under review compared to other expense of $448.91 million booked in the same period last year.

Financial income amounted to $28.24 million (2021: $12.30 million). While financial expenses closed the year end at $581.41 million versus $670.90 million in the prior comparative year.

Notably, loss on foreign exchange booked an 87% decrease closing the period at $68.31 million relative to $516.78 million in the same period last year.

Consequently, earnings before taxation totaled $7.24 billion compared to $5.71 billion booked last year. For the quarter, earnings before taxation amounted to $1.48 billion (2021: $1.50 billion). Taxation charges of $1.86 billion (2021: $1.37 billion) was incurred, thus resulting in net income of $5.38 billion recorded for the period under review versus $4.34 billion documented in the prior corresponding year. For the quarter, net income totaled $1.13 billion (2021: $1.21 billion). Total comprehensive income closed the year end at $5.38 billion (2021: $4.34 billion).

Consequently, earnings per share (EPS) amounted to $6.33 (2021: $5.10). Earnings per share, for the quarter, totaled $1.33 (2021: $1.42). The number of shares used in this calculation was 851,136,591 shares. Notably, the stock price for CCC last traded on April 5, 2023, at $59.94, with a corresponding P/E ratio of 9.48 times.

Balance sheet at a Glance:

Total Assets as at December 31, 2022 amounted to $30.14 billion (2021: $27.51 billion), a 10% increase. The increase in total assets was largely due to an increase in ‘Inventories’ which amounted to $5.48 billion (2021: $3.44 billion). The growth was offset by a $193.59 million decline in ‘Property, plant and equipment’ moving from $23.23 billion in 2021 to $23.04 billion in 2022.

Shareholders’ equity totaled $20.04 billion compared to the $15.78 billion quoted as at December 31, 2021. This resulted in a book value of $23.54 (2021: $18.54).


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