CHL reports 68% increase in year end net profits

November 14, 2022

Cargo Handlers Limited (CHL), for the year ended September 30, 2022, posted revenue totaling $472.34 million up 40% from the $337.31 million booked in 2021. Revenue for the quarter improved by 44% to $118.67 million from $82.45 million booked for the same quarter of 2021.

No cost of sales was reported for the period, (2021: nil). As such, CHL recorded gross profit of $472.34 million (2021: $337.31 million) for the year ended September 30, 2022. Gross profit for the quarter closed at $118.67 million versus $82.45 million for the same quarter of 2021.

CHL booked other income of $1.80 million (2021: $2.13 million). Administrative expenses totalled $27.28 million (2021: $23.73 million), while other operating expenses stood at $196.16 million (2021: $154.20 million).

CHL recorded an operating profit of $267.12 million, compared with $177.52 million reported for the corresponding period in 2021. Operating profit for the quarter closed at $61.26 million (2021: $39.52 million).

The Company reported finance cost of $1.34 million for the period; this compares to the finance cost of $1.18 million for the same period in 2021. Interest income year to date amounted to $14.19 million (2021: $2.24 million).

Profit before taxation rose to $337.44 million versus $207.18 million documented for the same period in 2021. Pre-tax profits for the fourth quarter closed at $91.98 million (2021: $48.62 million).

Net profit increased to $267.46 million (2021: $159.60 million) following taxation $69.98 million (2021: $47.58 million). Likewise, net profit for the quarter increased to $75.68 million relative to $41.90 million in the previous corresponding quarter.

Earnings per share (EPS) for the year ended September 30, 2022, amounted to $0.64 (2021: $0.38). EPS for the quarter amounted to $0.18 (2021: $0.10). CHL stock price closed the trading period on November 11, 2022, at a price of $12.55 with a corresponding P/E ratio of 19.53 times.

Balance Sheet at a Glance:

As at September 30, 2022 ‘Total assets’ went rose by 28% to $884.09 million (2021: $690.30 million). This increase was primarily driven by a 78% growth in ‘Receivables which totaled $66.16 million (2021: $37.12 million).

Shareholders’ equity as at September 30, 2022, amounted to $766.86 million (2021: $593.06 million) resulting in a book value per share of $1.84 (2021: $1.42).

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2022-11-14T13:14:10-05:00