August 5, 2022
For the period ended June 30, 2022, Caribbean Flavours & Fragrances Limited’s (CFF) revenue increased by 19% to $359.85 million relative to $3301.30 million for the comparable period in 2021. For the quarter, the Company generated revenue of $185.69 million (2021: $167.560 million), an 1% increase year over year.
Cost of sales also increased for the period to $244.06 million, this compares to the prior year’s figure of $205.53 million, representing an increase of 19% year over year. Consequently, gross profit rose to $115.79 million for the period in review and compares to the prior year’s amount of $95.77 million. For the quarter, gross profit closed at $58.96 million (2021: $51.25 million).
The Company had a 9% year over year increase in total expenses to $66.16 million, up from $60.78 million in 2021. There was a 32% growth in selling & distribution expenses to $2.11 million (2021: $1.60 million). Whereas administrative Expense for the period climbed to $64.05 million versus the prior year’s corresponding total of $59.18 million.
Consequently, Profit from Operations for the period decreased to $49.63 million versus $34.99 million booked for the period ended June 30, 2021. While for the quarter, there was a 31% increase from $20.95 million in 2021 to $27.39 million. The Company reported a 90% decline in net finance income from $11.24 million in 2021 to $1.12 million in for the period ended June 30, 2022.
Following taxation of $6 million (2021: $5 million), net profit for the period amounted to $44.75 million representing a 9% increase from the prior year’s comparable period figure of $41.23 million, while for the quarter, net profit inched up from $224.29 million in 2021 to $24.35 million.
The earnings per share for the period months amounted to $0.05 (2020: $0.046). While, the EPS for the quarter amounted at $0.027 (2020: $0.027). The twelve months trailing EPS is $0.092. The number of shares used in this calculation was 899,200,330 units. As at August 5, 2021 the stock traded at $1.87 with a corresponding P/E ratio of 20.01 times.
Balance Sheet at a glance:
The company, as at June 30, 2022, recorded total assets of $771.55 million, an increase of 14% when compared to $6675 million for the prior year. This increase was as a result of increases in ‘Inventories’ which closed at $214.88 million (2021: $153.70 million).
Total Stockholders’ equity closed at $569.38 million, an improvement of 7% from $531.23 million last year. This resulted in a book value per share of $0.63 compared to a book value of $0.59 for the last year.
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