August 15, 2023
Caribbean Flavours and Fragrances Limited (CFF) for the six months ended June 30, 2023 reported a 20% increase in Revenue totaling $432.08 million compared to $359.85 million in the corresponding period last year. Revenue for the Second quarter had a 18% increase to close at $219.25 million compared to $185.69 million for the comparable quarter of 2022.
Cost of Sales amounted to $288.23 million (2022: $244.06 million), this represents an increase of 18% year over year. Consequently, gross profit increased by 24% to $143.85 million compared to $115.79 million for the six months ended June 30, 2022. The Company booked gross profit of $75.25 million for the Second quarter versus $58.96 million reported for the similar quarter of 2022.
Administrative Expenses increase by 32% to close at $84.78 million (2022: $64.05 million), while Selling & Distribution costs decrease marginally from $2.11 million in 2022 to $2.09 million in the period under review. As a result, total expenses for the six months ended June 30, 2023 amounted to $86.86 million, a 31% increase relative to $66.16 million reported in 2022.
Operating profit for the six months ended June 30, 2023, amounted to $56.99 million, a 15% increase relative to $49.63 million reported in 2022. Operating profit for the Second quarter amounted to $32.78 million (2022: $27.39 million). Finance Income totaled $11.23 million a 903% increase from the corresponding period last year. (2022: $1.12 million).
Pre-tax Profit for the six months ended June 30, 2023, amounted to $68.21 million, a 34% increase relative to $50.75 million reported in 2022. Pre-tax Profit for the Second quarter amounted to $38.79 million (2022: $27.35 million).
Taxation for the six months ended June 30, 2023 had a 25% increase to reach $7.50 million (2022: $6.00 million). Net Profit for the Six months amounted to $60.71 million, a 36% increase from the $44.75 million reported in 2022. For the Second quarter, Net Profit was $34.79 million (2022: $24.35 million).
Consequently, Earnings Per Share for the Six months amounted to $0.07 (2022: EPS: $0.05), while Earnings Per Share for the quarter totaled $0.04 (2022: EPS: $0.03). The twelve-month trailing EPS was $0.09 and the number of shares used in these calculations was 899,200,330.
Notably, CFF’s stock price closed the trading period on August 15, 2023 at a price of $1.32 with a corresponding P/E ratio of 15.28x.
Balance Sheet Highlights
The company’s assets totaled $854.45 million (2022: $771.55 million). This increase was mainly due to ‘Due from related parties’ totaling $174.86 million (2022: nil)
Shareholder’s equity was $624.56 million (2022: $569.38 million), representing a book value per share of $0.69 (2022: $0.63).
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