December 27, 2024
Cargo Handlers Limited (CHL)
Audited financials for the year end ended September 30, 2024:
Cargo Handlers Limited (CHL) for the year ended September 30, 2024, reported an 8% decrease in Revenue totaling $473.48 million compared to $514.78 million in the corresponding period last year. Revenue for the fourth quarter had a 20% decrease to close at $95.99 million compared to $120.18 million for the comparable quarter of 2023.
Cost of Sales amounted to $4.16 million (2023: $2.58 million), this represents an increase of 61% year over year. Consequently, gross profit decreased by 8% to $469.32 million compared to $512.20 million for the year ended September 30, 2023. The company booked gross profit of $95.81 million for the fourth quarter versus $120.18 million reported for the similar quarter of 2023.
Administrative expenses increased by 13% to close at $35.06 million (2023: $31.13 million), while Other Operating Expenses increased by 4% from $256.85 million in 2023 to $267.18 million in the period under review. As a result, total expenses for the year ended September 30, 2024, amounted to $302.23 million, a 5% increase relative to $287.98 million reported in 2023.
Operating Profit for the year ended September 30, 2024, amounted to $195.66 million, a 21% decrease relative to $247.94 million reported in 2023. Operating Profit for the fourth quarter amounted to $54.04 million (2023: $41.75 million). Finance costs totaled $4.24 million, a 60% increase from the corresponding period last year. (2023: $2.64 million).
Profit before taxation for the year ended September 30, 2024, amounted to $308.33 million, a 17% decrease relative to $372.53 million reported in 2023. Profit before taxation for the fourth quarter amounted to $104.89 million (2023: $100.84 million).
Taxation for the year ended September 30, 2024, had a 31% decrease to reach $34.65 million (2023: $49.89 million). Net Profit for the year end amounted to $273.69 million, a 15% decrease from the $322.64 million reported in 2023. For the fourth quarter, Net Profit was $99.65 million (2023: $108.36 million).
Consequently, Earnings Per Share for the year end amounted to $0.66 (2023: EPS: $0.78), while Earnings Per Share for the quarter totaled $0.24 (2023: EPS: $0.26). The number of shares used in these calculations was 416,250,000.
Notably, CHL’s stock price closed the trading period on December 24, 2024, at a price of $10.52 with a corresponding P/E ratio of 16.00x.
Balance Sheet Highlights
The company’s assets totaled $1.29 billion (2023: $1.13 billion). This increase was attributable to ‘Investment Associate’ which amounted to $388.04 million (2023: $295.72 million). Related Companies also contributed to the increase equating to $70.34 million (2023: $16.77 million).
Shareholders’ equity was $1.17 billion (2023: $995.06 million), representing a book value per share of $2.80 (2023: $2.39).
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.
