Date: July 30, 2019
Caribbean Cement Company Limited (CCC) for the six months ended June 30, 2019, reported total revenue of $9.13 billion, 4% increase from $8.77 billion reported a year ago. Earnings before interest, tax, depreciation & amortization (EBITDA) amounted to $3.69 billion, an increase of 60% relative to $2.30 billion for the prior year’s corresponding period.
Depreciation and amortization closed the period at $796.01 million (2018: $466.53 million). CCC also reported no stockholding and inventory restructuring costs relative to $22.86 million reported in 2018. As such, operating profit totaled $2.90 billion for the year, an increase of 56% over 2018’s $1.86 billion.
Interest Income amounted to $5.14 million for the period compared to $7.57 million for the corresponding period in 2018. Finance Costs for the six months closed at $856.84 million compared to $386.19 million incurred for the corresponding period of 2018. CCC noted this was attributed to, “higher interest expenses associated with the loan acquired on May 30, 2018, in connection to the acquisition of Kiln #5 and Cement Mill #5 have also been contributing factors”.
Consequently, Profit before Taxation for the period amounted to $2.05 billion, 38% more when compared with a profit of $1.48 billion recorded last year. Taxation for the period however increased 16% from $474.16 million reported for the six months of 2018 to $549.93 million.
Net profit for the period closed at $1.50 billion relative to net profit of $1.01 billion booked for the corresponding period in 2018, an increase of 48% year over year. Net profit for the quarter amounted to $368.46 million, a 45% decrease relative to $673.65 million reported in 2018.
Total comprehensive income for the period closed at $1.50 billion, relative to $1.05 billion for the corresponding period in 2018. Total comprehensive income for the quarter amounted to $368.46 million relative to $704.28 million reported in 2018.
Consequently, earnings per share (EPS) amounted to $1.76 (2018: $1.18), while earnings per share for the quarter amounted to $0.43 (2018: $0.79). The twelve months trailing EPS is $3.47. The number of shares used in this calculation was 851,136,591 shares. CCC stock price closed the trading period at a price of $77.98 on July 29, 2019.
Balance sheet at a Glance:
Total Assets grew by 1% million or $247.86 million to close at $26.81 billion as at June 30, 2019 (2018: $26.56 billion). This increase in total assets was largely due to the $194.10 million increase in ‘Property, Plant and Equipment’ which closed at $23.54 billion (2018: $23.34 billion). ‘Inventories’ also increased 40% to close the period at $$2.03 billion ($1.44 billion).
Shareholder’s equity totaled $7.91 billion compared to the $9.38 billion quoted as at June 30, 2018. This resulted in a book value of $9.29 (2018: $11.03).
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