KREMI reports year end net profit of $100.68 million

June 15, 2021


Caribbean Cream Limited (KREMI), for the year ended February 28, 2021, reported a 10% increase in revenue to total $1.87 billion compared to $1.71 billion booked last year. Revenue for the fourth quarter rose 14% to close at $537.96 million compared to $470.92 million for the comparable quarter of 2020.

Costs of sales amounted to $1.25 billion (2020: $1.16 billion), an increase of 7% year over year, while for the quarter there was a 14% growth to $365.41 million (2020: $319.21 million). Nevertheless, gross profit improved by 15% or $79.53 million to $625.14 million compared to $545.61 million for the year ended February 28, 2020. The Company booked gross profit of $172.55 million for the fourth quarter versus $151.71 million reported for the similar quarter of 2020.

Administrative Expenses climbed 8% to close at $427.86 million (2020: $395.32 million), while selling and distribution costs fell by 11% from $68.30 million in 2020 to $60.66 million. Operating profit for the year amounted to $138.43 million, up 70% relative to $81.31 million booked in 2020. Operating profit for the quarter amounted to $29.20 million (2020: $16.49 million).

In addition, finance cost rose 5% year over year to $21.26 million relative to $20.27 million recorded in 2020. Furthermore, the Company reported a 18% increase in interest income for the year from $1.13 million reported in 2020 to $1.33 million for the year ended February 28, 2021.

After incurring taxes of $17.82 million (2020: $7.60 million) for the year under review, net profit rose by 85% from $54.57 million reported in 2020 to $100.68 million. Profit for the quarter amounted to $15.62 million compared to a profit of $11.16 million in 2020.

Consequently, Earnings per Share (EPS) for the year amounted to $0.27 (2020: $0.14), while the EPS for the quarter totalled $0.04 compared to an EPS of $0.03 in the prior year. The numbers of shares used in these calculations were 378,568,115 units. KREMI’s stock price close the trading period on June 14, 2021, at a price of $6.20 with a corresponding P/E ratio of 23.31 times.

Balance Sheet Highlights:

The Company’s assets totalled $1.39 billion (2020: $1.17 billion). The movement was largely due to an increase of $88.09 million in ‘Cash and Cash Equivalents’ to a total of $217.28 million (2020: $129.20 million). Additionally, ‘Property, Plant and equipment, closed at $825.48 million relative to $773.14 million reported in 2020.

Shareholders’ equity amounted to $833.93 million (2020: $744.23 million), representing a book value per share of $2.20 (2020: $1.97).



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