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).
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