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).

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