November 15, 2024
Caribbean Flavours and Fragrances Limited (CFF)
Unaudited financials for the nine months ended September 30, 2024:
Caribbean Flavours and Fragrances Limited (CFF) for the nine months ended September 30, 2024, reported a 4% decrease in Revenue totaling $642.18 million compared to $668.27 million in the corresponding period last year. Revenue for the third quarter had an 18% decrease to close at $194.27 million compared to $236.19 million for the comparable quarter of 2023.
Cost of Sales amounted to $410.16 million (2023: $438.27 million), this represents a decrease of 6% year over year. Consequently, gross profit increased by 1% to $232.02 million compared to $230.00 million for the nine months ended September 30, 2023. The company booked gross profit of $68.62 million for the third quarter versus $86.15 million reported for the similar quarter of 2023.
Administrative Expenses increased by 11% to close at $146.22 million (2023: $132.26 million), while Selling & Distribution costs increased by 54% from $3.99 million in 2023 to $6.16 million in the period under review. As a result, total expenses for the nine months ended September 30, 2024, amounted to $152.38 million, a 12% growth relative to $136.25 million reported in 2023.
Operating profit for the nine months ended September 30, 2024, amounted to $79.64 million, a 15% fall relative to $93.76 million reported in 2023. Operating profit for the third quarter amounted to $18.20 million (2023: $36.77 million).
Pre-tax Profit for the nine months ended September 30, 2024, amounted to $90.36 million, a 15% decrease relative to $106.03 million reported in 2023. Pre-tax Profit for the third quarter amounted to $21.53 million (2023: $37.82 million).
Taxation for the nine months ended September 30, 2024, had a 63% increase to reach $22 million (2023: $13.50 million) . Net Profit for the nine months amounted to $68.36 million, a 26% decline compared to the $92.53 million reported in 2023. For the third quarter, Net Profit was $15.53 million (2023: $31.82 million).
Consequently, Earnings Per Share for the nine months amounted to $0.08 (2023: EPS: $0.10), while Earnings Per Share for the quarter totaled $0.02 (2023: EPS: $0.04). The twelve-month trailing EPS was $0.12, and the number of shares used in these calculations was 899,200,330.
Notably, CFF’s stock price closed the trading period on November 14, 2024, at a price of $1.28 with a corresponding P/E ratio of 10.59x.
Balance Sheet Highlights
The company’s assets totalled $864.16 million (2023: $847.76 million). This increase was attributable to ‘Property, Plant and Equipment’ which amounted to $55.81 million (2023: $34.34 million).
Shareholder’s equity was $720.07 million (2023: $656.38 million), representing a book value per share of $0.80 (2023: $0.73).
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