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).

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