July 17, 2025
Caribbean Cream Limited(Kremi)
Unaudited financials for the first quarter ended May 31, 2025:
Caribbean Cream Limited (Kremi) for the first quarter ended May 31, 2025, reported a 6% increase in revenue, totaling $802.51 million, compared to $759.28 million in the corresponding quarter last year.
Cost of Sales amounted to $571.45 million (2024: $496.88 million), representing a 15% increase year over year. Consequently, gross profit decreased by 12% to $231.06 million compared to $262.40 million for the first quarter ending May 31, 2024.
Caribbean Cream Limited (Kremi) demonstrated strategic cost management in the first quarter. Administrative expenses increased by only 1% to close at $200.84 million (2024: $198.73 million), while selling and distribution costs decreased by 13% from $21.83 million in 2024 to $19.07 million for the quarter. This resulted in Total Expenses for the first quarter amounting to $219.90 million, relative to $220.56 million reported in 2024.
Operating Profit for the year amounted to $11.61 million, a 73% decrease from the $43.15 million reported in 2024. Finance costs totalled $29.81 million, a 31% increase from the corresponding period last year. (2024: $22.70 million).
Loss before taxation for the first quarter ended May 31, 2025, amounted to $18.20 million, a 189% decrease relative to a profit of $20.44 million reported in 2024.
The tax credit for the quarter amounted to $4.55 million (2024: Tax charge $5.11 million). As such, Net Loss for the quarter amounted to $13.65 million, a 189% decrease from a profit of $15.33 million reported in 2024.
Consequently, Loss Per Share for the three months amounted to $0.04 (2024: EPS: $0.04). The twelve-month trailing LPS was $0.03, and the number of shares used in these calculations was 378,568,115.
Notably, Kremi’s stock price closed the trading period on July 16, 2025, at $2.40.
Balance Sheet Highlights
Caribbean Cream Limited (Kremi) continues to maintain its long-term stability. The company’s assets totaled $2.61 billion (as of 2024: $2.37 billion). The total increase in the company’s balance sheet is attributed to a 56% YoY increase in Inventories, ending the quarter at $298.39 million (2024: $191.60 million), and a 185% YoY increase in ‘right of use assets’, ending the quarter at $246.54 million (2024: $86.48 million).
Shareholders’ equity was $866.49 million (2024: $877.69 million), representing a book value per share of $2.29 (2024: $2.32).
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