March 18, 2024
CAC 2000 Limited (CAC)
Unaudited financials for the first quarter ended January 31, 2024:
CAC 2000 Limited (CAC) for the first quarter ended January 31, 2024, reported a 67% increase in turnover totalling $213.07 million compared to $127.90 million in the corresponding three months last year.
Cost of Sales amounted to $131.42 million (2022: $82.64 million), this represents an increase of 59% year over year. Consequently, gross profit increased by 80% to $81.64 million compared to $45.25 million for the first quarter ended January 31, 2023.
Selling & Distribution expenses increased by 270% to close at $7.95 million (2022: $2.15 million), while General Administration expenses decreased by 14% from $87.95 million in 2022 to $75.38 million for the three months. As a result, Total Expenses for the first quarter amounted to $83.33 million, an 8% decrease relative to $90.09 million reported in 2022.
Operating Loss for the three months amounted to $739,396, a 98% increase relative to loss of $44.83 million reported in 2022.
Net finance cost totalled $10.71 million, a 3% decrease from the corresponding period last year. (2022: $11.06 million).
Loss before taxation for the first quarter ended January 31, 2024, amounted to $11.45 million, a 80% decrease relative to $55.89 million reported in 2022.
Tax charge for the three months amounted $1.05 million (2022: Tax credit of $3.92 million).
Net loss for the three months amounted to $12.50 million, a 76% decrease from the loss of $51.97 million reported in 2022.
Consequently, Loss Per Share for the three months amounted to $0.10 (2022: LPS: $0.40). The twelve months trailing LPS was $1.26, and the number of shares used in these calculations was 129,032,258.
Notably, CAC’s stock price closed the trading period on March 15, 2024, at a price of $4.50.
Balance Sheet Highlights
The company’s assets totalled $1.36 billion (2022: $1.21 billion). The growth in total assets was primarily due to a 28% or $121.84 million upturn in ‘Trade and Other Receivables’ to close the period at $551.76 million (2022: $429.91 million).
Shareholder’s equity was $330.08 million (2022: $392.06 million), representing a book value per share of $2.56 (2022: $3.04).
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 affect transactions or have positions in securities mentioned herein. In addition, employees of Mayberry may have positions and effect transactions in the securities mentioned herein.
