October 31, 2022
Caribbean Cement Company Limited’s (CCC’s) total revenue for the nine months ended September 30, 2022 grew by 11% amounting to $19.68 billion, up from $17.80 billion reported a year ago. For the quarter, revenues amounted to $6.17 billion (2021: $5.49 billion).
Cost of Sales closed the period under review at $10.84 billion (2021: $10.83 billion). As such, gross profit totalled $8.85 billion (2021: $6.97 billion).
Operating expenses recorded a 11% increase closing the nine months at $2.05 billion (2021: $1.85 billion). Consequently, operating profit before other expenses amounted to $6.80 billion for the year, a 33% increase compared to 2021’s $5.12 billion.
Other losses amounted to $599.30 million (2021: $277.74 million).
As such, operating profit for the period grew 28% to $6.20 billion from $4.84 billion in 2021. While for the quarter, operating profit closed at $1.88 billion (2021: $410.77 million).
Financial Income amounted to $14.49 million for the period compared to $8.21 million for the corresponding period in 2021. Finance Costs for the nine months closed at $429.94 million compared to $411.91 million incurred for the corresponding period of 2021.
Notably, loss on foreign exchange amounted to $23.59 million (2021: $223.66 million). For the quarter, loss on foreign exchange closed at $4.46 million compared to a gain of $34.82 million in 2021.
Consequently, Profit before Taxation for the period amounted to $5.76 billion, 37% more when compared with a profit of $4.21 billion recorded last year. Taxation for the period increased from $1.08 billion reported for the nine months of 2021 to $1.51 billion in 2022.
As such, Net profit for the period closed at $4.25 billion relative to net profit of $3.13 billion booked for the corresponding period in 2021, an increase of 36% year over year. Net profit for the quarter however amounted to $1.21 billion (2021: $43.71 million).
Consequently, earnings per share (EPS) amounted to $5.00 (2021: $3.68) while earnings per share for the quarter amounted to $1.42 (2021: $0.05). The twelve months trailing EPS is $6.41. The number of shares used in this calculation was 851,136,591 shares. CCC stock price closed the trading period on October 31, 2022 at a price of $58.79 with a corresponding P/E of 9.17 times.
Balance sheet at a Glance:
Total Assets stood at $30.22 billion as at September 30, 2022 (2021: $26.65 billion). This increase in total assets was largely due to the $1.38 billion increase in ‘Inventories’ which closed at $4.53 billion (2021: $3.15 billion) and the $1.04 billion increase in ‘Due from Related Companies’ to $1.17 billion (2021: $129.60 million).
Shareholder’s equity totaled $18.75 billion compared to the $14.77 billion quoted as at September 30, 2021. This resulted in a book value of $22.03 (2021: $17.35).
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