December 30, 2021
Cargo Handlers Limited (CHL), for the year ended September 30, 2021, posted revenue totaling $337.31 million up 19% from the $283.46 million booked in 2020. Revenue for the quarter improved by 52% to $82.45 million from $54.31 million booked for the same quarter of 2020.
No cost of sales was reported for the period, in contrast to the $5.74 million posted in the corresponding period last year. As such, CHL recorded gross profit of $337.31 million (2020: $277.72 million) for the year ended September 30, 2021. Gross profit for the quarter closed at $82.45 million versus $54.31 million for the same quarter of 2020.
CHL booked other income of $23.81 million (2020: $27.28 million). Administrative expenses totalled $23.73 million (2020: $25.15 million), while other operating expenses stood at $159.87 million (2020: $148.66 million).
CHL recorded an operating profit of $177.52 million, compared with $131.18 million reported for the corresponding period in 2020. Operating profit for the second quarter closed at $39.52 million (2020: $23.99 million).
The Company reported finance cost of $1.18 million for the period; this compares to the finance cost of $1.83 million for the same period in 2020. Interest income year to date amounted to $2.24 million (2020: $1.20 million).
Profit before taxation rose to $207.18 million versus $130.55 million documented for the same period in 2020. Pre-tax profits for the fourth quarter closed at $48.62 million (2020: $23.94 million).
Net profit increased to $159.60 million (2020: $107.64 million) following taxation $47.58 million (2020: $22.91 million). Likewise, net profit for the quarter increased to $41.90 million relative to $15.20 million in the previous corresponding quarter.
Earnings per share (EPS) for the year ended September 30, 2021, amounted to $0.38 (2020: $0.26). EPS for the quarter amounted to $0.10 (2020: $0.04). CHL stock price closed the trading period on December 29, 2021, at a price of $5.67 with a corresponding P/E ratio of 14.79 times.
CHL noted, “With the disappearance of cruise ships to Jamaica, there was no revenue or cost during the year from stevedoring activities specifically relating to cruise ships. Additionally, the Company agreed with its related party, Bulk Liquid Carriers Petroleum Transport Limited, to suspend providing management services until Bulk’s operations resume to an acceptable level. Also, there was increase in the net profit results at year end due in part to the Company’s investment in Buying House Cement Limited.”
Balance Sheet at a Glance:
As of September 30, 2021 ‘Total assets’ went rose by 21% to $690.30 million (2020: $571.52 million). This increase was primarily driven by growth in ‘Investment’ which totaled $133.75 million (2020: nil).
Shareholders’ equity as of September 30, 2021, amounted to $593.06 million (2020: $508.39 million) resulting in a book value per share of $1.42 (2020: $1.22).
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