December 28, 2023
Cargo Handlers Limited (CHL) for the year ended September 30, 2023, reported a 9% increase in revenue totalling $514.78 million compared to $472.34 million in the corresponding period last year. Revenue for the fourth quarter had a 1% increase to close at $120.18 million compared to $118.67 million for the comparable quarter of 2022.
Cost of sales amounted to $2.58 million (2022: nil). Consequently, gross profit increased by 8% to $512.20 million compared to $472.34 million for the year ended September 30, 2022. The company booked gross profit of $120.18 million for the fourth quarter versus $118.67 million reported for the similar quarter of 2022.
Other income grew by 30% to reach $23.72 million relative to $18.30 million recorded in 2022.
Administrative expenses increased by 14% to close at $31.13 million (2022: $27.28 million), while other operating expenses increased by 31% from $196.24 million in 2022 to $256.85 million in the period under review. As a result, total expenses for the year ended September 30, 2023, amounted to $287.98 million, a 29% increase relative to $223.52 million reported in 2022.
Operating profit for the year ended September 30, 2023, amounted to $247.94 million, a 7% decrease relative to $267.12 million reported in 2022. Operating profit for the fourth quarter amounted to $41.75 million (2022: $61.26 million).
Finance costs totalled $2.64 million, a 97% increase from the corresponding period last year (2022: $1.34 million). Share of profit of associates grew by 82% to close at $104.50 million (2022: $57.48 million).
Profit before taxation for the year ended September 30, 2023, amounted to $372.53 million, a 10% increase relative to $337.44 million reported in 2022. Profit before taxation for the fourth quarter amounted to $100.84 million (2022: $91.98 million).
Taxation for the year ended September 30, 2023, had a 3% increase to reach $49.89 million (2022: $48.28 million). Consequently, net profit for the year amounted to $322.64 million, a 12% increase from the $289.17 million reported in 2022. For the fourth quarter, net profit was $108.36 million (2022: $97.39 million).
Earnings per share (EPS) for the year amounted to $0.78 (2022: EPS: $0.69), while EPS for the quarter totalled $0.26 (2022: $0.23). The number of shares used in these calculations was 416,250,000.
Notably, CHL’s stock price closed the trading period on December 28, 2023, at a price of $14.92 with a corresponding P/E ratio of 19.25x.
Balance Sheet Highlights:
The company’s assets totalled $1.13 billion (2022: $884.09 million); a 28% increase. This upward movement was largely due to a 78% increase in cash, which amounted to $146.54 million (2022: $82.48 million).
Shareholder’s equity was $995.06 million (2022: $788.56 million), representing a book value per share of $2.39 (2022: $1.89).
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