February 14, 2025
Cargo Handlers Limited (CHL)
Unaudited financials for the first quarter ended December 31, 2024:
Cargo Handlers Limited (CHL) reported a 20% decrease in revenue for the first quarter ended December 31, 2024, totalling $110.95 million compared to $139.23 million in the corresponding three months last year.
Cost of Sales amounted to $1.19 million (2023: $1.27 million), representing a 7% decrease year over year. Consequently, gross profit decreased by 20% to $109.76 million compared to $137.96 million for the first quarter ended December 31, 2023.
Administrative expenses increased by 66% to $13.06 million (2023: $7.88 million), while other operating expenses decreased by 23% from $67.20 million in 2023 to $51.53 million for the three months. As a result, total expenses for the first quarter amounted to $64.59 million, a 14% decrease relative to $75.08 million reported in 2023.
Operating profit for the three months amounted to $45.17 million, a 24% decrease relative to $59.73 million reported in 2023. Finance costs totalled $795,916, a 23% decrease from the corresponding period last year (2023: $1.03 million).
Profit before taxation for the first quarter ended December 31, 2024, amounted to $77.83 million, a 3% decrease relative to $80.32 million reported in 2023.
Taxation for the three months decreased by 27% to $11.70 million (2023: $15.96 million). Net profit for the three months amounted to $66.13 million, a 3% increase from the $64.36 million reported in 2023.
Consequently, earnings per share for the three months amounted to $0.16 (2023: EPS: $0.15). The twelve-month trailing EPS was $0.66, and the number of shares used in these calculations was 416,250,000.
Notably, CHL’s stock price closed the trading period on February 13, 2025, at $11.04 with a corresponding P/E ratio of 16.68x.
Balance Sheet Highlights:
The company’s assets totalled $1.30 billion (2023: $1.17 billion). This increase in total assets was attributable to an investment in an associate, which amounted to $415.58 million (2023: $312.31 million). Related companies also contributed to the increase, equating to $87.51 million (2023: $25.33 million).
Shareholders’ equity was $1.23 billion (2023: $1.06 billion), representing a book value per share of $2.96 (2023: $2.55).
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