KREMI reports a 5% increase in Net Profits for the 2016 financial year and a 34% increase for the quarter.

Caribbean Cream Ltd. (KREMI)

For year ended February 28, 2017:-
KREMI reported a 4% increase during the quarter totalling $327.92 million compared to $316.55 million in the corresponding period last year. Revenue increased 7% for the financial year, totalling $1.21billion, up $78.6 million from the $1.13 billion recorded in FY2015.

Costs of Sales amounted to $755.16 million, an increase of 10%. Nevertheless, Gross Profit rose 2% or $8.20 million to $458.39 million (FY2015: $450.19 million).

Selling & Distribution Expenses and Administrative Expenses increased by 12% and 1%, respectively, totaling $47.78 million and $231.79 million correspondingly. Finance cost declined by 25% amounting to $13.41 million.

No taxes were charged for this financial year as such Net Profit Attributable to Shareholders increased by 5% from $163.80 million for FY2015 to $172.74 million in FY 2016. For the quarter, the company made a Net Profit of $35.97 million a 34% increase year over year (2015: $26.86 million). Consequently, Earnings per Share amounted to $0.46 for the financial year (FY2015: $0.43).

Balance Sheet Highlights:
The company’s assets totalled $812.02 million, $177.86 million more than its value as at February 2016. The increase in assets was largely due to an increase of $60.61million in ‘property, plant and equipment to a total of $421.93 million (2016: $361.33 million). Inventory also increased by 120% to close the year at $161.22 million compared to the 73.34 reported in the previous year.

Shareholders’ equity was $591.13 million (2016: $437.33 million), representing a book value per share of $1.56 (2016: $1.16).

Disclaimer: Analyst Certification -This research report is for information purposes only and should not be construed as a recommendation. 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.

2017-06-10T17:07:51+00:00