February 13, 2023
Cargo Handlers Limited (CHL), for the first quarter ended December 31, 2022, posted gross revenues totalling $134.34 million, up 15% from the $116.99 million achieved in 2021.
Cost of sales totalled $1.65 million (2021: nil) resulting in gross profit of $132.69 million (2021: $116.99 million).
Gain on exchange closed at $2.03 million (2021: $12.77 million).
CHL reported other income of $5.55 million (2021: other losses of $4,616).
Administrative expenses totalled $8.79 million (2021: $6.18 million), while other operating expenses stood at $55.94 million (2021: $46.41 million).
CHL recorded an operating profit of $75.53 million, compared with $77.17 million reported for the corresponding period in 2021.
The company had finance costs of $458,902, up from the $250,628 recorded for the same period in 2021. Interest income fell by 86% to $156,709 (2021: $1.13 million). Share of profit of associates amounted to $18.95 million compared to $5.32 million in 2021.
Profit before taxation rose 13% to $94.18 million versus the $83.37 million documented for the same period in 2021.
Net profit increased to $75.28 million (2021: $63.79 million) following a tax charge of $18.89 million (2020: $19.57 million).
Earnings per share (EPS) for the quarter equated to $0.18 (2021: $0.15), while the trailing twelve months’ EPS equated to $0.72. The number of shares used in the calculations is 416,250,000 units. CHL’s stock price closed the trading period on February 10, 2023, at $12.98, with a corresponding P/E ratio of 17.97 times.
Balance Sheet at a Glance:
As of December 31, 2022, ‘Total Assets’ rose 28% to $946.02 million (2021: $741.76 million). This increase was primarily driven by an increase in ‘Short-term Deposits’ to $426.28 million (2021: $262.50 million).
Shareholders’ Equity as of December 31, 2022, amounted to $863.85 million (2021: $656.85 million), resulting in a book value per share of $2.08 (2021: $1.58).
Analyst Certification – The views expressed in this research report accurately reflect the personal views of Mayberry Investments Limited Research Department about those issuer (s) or securities as at the date of this report. Each research analyst (s) also certify that no part of their compensation was, is, or will be, directly or indirectly, related to the specific recommendation(s) or view (s) expressed by that research analyst in this research report.
Company Disclosure – The information contained herein has been obtained from sources believed to be reliable, however its accuracy and completeness cannot be guaranteed. You are hereby notified that any disclosure, copying, distribution or taking any action in reliance on the contents of this information is strictly prohibited and may be unlawful. Mayberry may affect transactions or have positions in securities mentioned herein. In addition, employees of Mayberry may have positions and effect transactions in the securities mentioned herein