CHL reports first quarter net profit of $75.28 million

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).



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