CCC reports 36% increase in year end net profit

March 1, 2022

Caribbean Cement Company Limited (CCC) reported total revenue for the year ended December 31, 2021 of $23.84 billion a 19% increase when compared with the $20.11 billion reported in 2020. For the quarter, total revenues closed at $6.04 billion (2020: $5 billion).

Cost of sales amounted to $14.01 billion (2020: $10.97 billion), which resulted in gross profit of $9.83 billion for the year end versus gross profit of $9.14 billion reported in the prior comparable year. For the quarter, gross profit amounted $2.86 billion (2020: $2.17 billion).

Operating expenses closed the year end at $2.50 billion (2020: $2.35 billion), a 6% increase year over year. Despite the increase in operating expense, operating profit increase 8% year over year total $7.33 billion versus $6.78 billion in the previous corresponding year.

Other expenses of $443.93 million was recorded for the period under review compared to other expense of $495.42 million booked in the same period last year.

Financial income amounted to $12.30 million (2020: $10.36 million). While financial expenses closed the year end at $670.90 million versus $811.76 million in the prior comparative year.

Notably, loss on foreign exchange booked a 51% decrease closing the period at $516.78 million relative to $1.06 billion in the same period last year.

Consequently, earnings before taxation totaled $5.71 billion compared to $4.42 billion booked last year. For the quarter, earnings before taxation amounted to $1.50 billion (2020: $916.48 million). Taxation charges of $1.37 billion (2020: $1.23 billion) was incurred, thus resulting in consolidated net income of $4.34 billion recorded for the period under review versus $3.20 billion documented in the prior corresponding year. For the quarter, consolidated net income totaled $1.21 billion (2020: $962.92 million). Total comprehensive income closed the year end at $4.34 billion (2020: $3.20 billion).

Consequently, earnings per share (EPS) amounted to $5.10 (2020: $3.76). Earnings per share, for the quarter, totaled $1.42 (2020: $1.13). 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 28, 2022, at $65.01, with a corresponding P/E ratio of 14.87 times.

Balance sheet at a Glance:

Total Assets as at December 31, 2021 amounted to $27.51 billion (2020: $26.32 billion), a 5% increase when compare to a 2020 total assets. The increase in total assets was largely due to an increase in ‘Inventories’ and ‘Property, plant and equipment’ which amounted to $3.44 billion (2020: $2.37 billion) and $23.23 billion (2020: $22.98 billion), respectively. The growth was offset by a decline in ‘Cash and cash equivalents’ fell by 52% moving from $513.14 million in 2020 to $244.90 million in 2021.

Shareholders’ equity totaled $15.78 billion compared to the $11.53 billion quoted as at December 31, 2020. This resulted in a book value of $18.54 (2020: $13.55).


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