February 11, 2022
Cargo Handlers Limited (CHL), for the first quarter ended December 31, 2021, posted Gross Revenues totaling $116.99 million, up 43% from the $81.71 million achieved in 2020.
Gain on Exchange closed at $12.77 million (2020: $595,768) .
CHL reported ‘Other Loss’ for the period of $4,616 (2020: ‘Other Income’ of $173,568).
Administrative Expenses for their first quarter totaled $6.18 million (2020: $6.19 million), while Other Operating Expenses stood at $46.41 million (2020: $38.56 million).
CHL recorded an Operating Profit of $77.17 million, compared with $37.73 million reported for the corresponding period in 2020.
The company had Finance Costs of $250,628 for the quarter; not far from the $314,140 recorded for the same period in 2020. Interest Income grew by 246% to $1.13 million (2020: $326,119).
Profit before Taxation rose 121% to $83.36 million versus $37.74 million documented for the same period in 2020.
Net Profit increased to $63.79 million (2020: $27.86 million) following a Tax Charge of $19.57 million (2020: $9.86 million).
Earnings per Share (EPS) for the quarter equated to $0.17 (2020: $0.07) while the trailing twelve months EPS equated to $0.47. CHL’s stock price closed the trading period on February 10, 2022, at $7.16 with a corresponding P/E ratio of 15.24 times.
Balance Sheet at a Glance:
As of December 31, 2021 ‘Total Assets’ rose 26% to $741.76 million (2020: $590.75 million). This increase was primarily driven by 105% increase in Non-Current assets, more specifically, a $262.50 million Investment with JMMB.
Shareholders’ Equity as of December 31, 2021, amounted to $656.85 million (2020: $536.5 million) resulting in a book value per share of $1.58 (2020: $1.29).
Disclaimer:
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 effect transactions or have positions in securities mentioned herein. In addition, employees of Mayberry may have positions and effect transactions in the securities mentioned herein.