August 14, 2024
Cargo Handlers Limited(CHL)
Unaudited financials for the nine months ended June 30, 2024:
Cargo Handlers Limited (CHL) for the nine months ended June 30, 2024, reported a 4% decrease in Revenue totaling $377.48 million compared to $394.61 million in the corresponding period last year. Revenue for the third quarter had a 2% decrease to close at $104.70 million compared to $106.67 million for the comparable quarter of 2023.
Cost of Sales amounted to $3.97 million (2023: $2.58 million), representing an increase of 54% year over year. Consequently, gross profit decreased by 5% to $373.51 million compared to $392.03 million for the nine months ended June 30, 2023. The company booked a gross profit of $104.58 million for the third quarter versus $106.67 million reported for the similar quarter of 2023.
Administrative expenses increased by 13% to close at $27.23 million (2023: $24.05 million), while Other operating Expenses increased by 19% from $174.15 million in 2023 to $208.04 million in the period under review. As a result, total expenses for the nine months ended June 30, 2024, amounted to $235.26 million, a 19% increase relative to $198.20 million reported in 2023.
Operating Profit for the nine months ended June 30, 2024, amounted to $141.61 million, a 31% decrease relative to $206.20 million reported in 2023. Operating Profit for the third quarter amounted to $39.42 million (2023: $44.36 million). Finance costs totaled $3.35 million, an 83% increase from last year’s corresponding period. (2023: $1.83 million).
Profit before taxation for the nine months ended June 30, 2024, amounted to $203.44 million, a 25% decrease relative to $271.70 million reported in 2023. Profit before taxation for the third quarter amounted to $68.92 million (2023: $74.28 million). Taxation for the nine months ending June 30, 2024, had a 28% decrease to $41.46 million (2023: $57.41 million). Net Profit for the nine months amounted to $161.97 million, a 24% decrease from the $214.29 million reported in 2023. For the third quarter, Net Profit was $57.49 million (2023: $63.38 million).
Consequently, Earnings Per Share for the nine months amounted to $0.39 (2023: EPS: $0.51), while Earnings Per Share for the quarter totaled $0.14 (2023: EPS: $0.15). The twelve-month trailing EPS was $0.65, and the number of shares used in these calculations was 416,250,000.
Notably, CHL’s stock price closed on August 13, 2024, trading period for $11.12 with a corresponding P/E ratio of 17.12x.
Balance Sheet Highlights
The company’s assets totaled $1.22 billion (2023: $1.05 billion). ‘Investment in associate’ increased to $338.69 million (2023: $247.08 million). Also, ‘Short-term deposits’ grew to $456.81 million (2023: $437.07 million).
Shareholder’s equity was $1.10 billion (2023: $944.78 million), representing a book value per share of $2.64 (2023: $2.27).
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