November 15, 2024
Carreras Ltd (CAR)
Unaudited financials for the nine months ended September 30, 2024:
Carreras Ltd (CAR) for the nine months ended September 30, 2024 reported a 5% increase in Operating Revenue totaling $12.72 billion compared to $12.08 billion in the corresponding period last year. Operating Revenue for the third quarter had a 28% increase to close at $5.23 billion compared to $4.07 billion for the comparable quarter of 2023. Cost of Operating Revenue amounted to $5.84 billion (2023: $6.27 billion), this represents a decrease of 7% year over year. Consequently, gross operating profit increased by 19% to $6.88 billion compared to $5.80 billion for the nine months ended September 30, 2023. The company booked gross operating profit of $3.03 billion for the third quarter versus $2.12 billion reported for the similar quarter of 2023.
Other Operating Income decreased by 11% to close at $196.65 million (2023: $221.46 million), while Administrative, Distribution and Marketing Expenses increased by 8% from $1.95 billion in 2023 to $2.11 billion in the period under review. As a result, profit from operation for the nine months ended September 30, 2024, amounted to $4.97 billion, a 23% increase relative to $4.04 billion reported in 2023. Profit before Income Tax for the nine months ended September 30, 2024, amounted to $4.97 billion, a 23% increase relative to $4.04 billion reported in 2023. Profit before Income Tax for the third quarter amounted to $2.30 billion (2023: $1.47 billion).
Income tax for the nine months ended September 30, 2024, had a 26% increase to reach $1.26 billion (2023: $997.62 million). Net profit for the nine months amounted to $3.71 billion, a 22% increase from the $3.04 billion reported in 2023. For the third quarter, Net profit was $1.73 billion (2023: $1.10 billion). Total comprehensive income for the nine months ended September 30, 2024, amounted to $3.71 billion, a 22% increase relative to $3.04 billion reported in 2023. Total comprehensive income for the third quarter amounted to 1.73 billion (2023: $1.10 billion).
Consequently, Earnings Per Share for the nine months amounted to $0.76 (2023: EPS: $0.63), while Earnings Per Share for the quarter totaled $0.36 (2023: EPS: $0.23). The twelve-month trailing EPS was $0.88 and the number of shares used in these calculations was 4,854,400,000. Notably, CAR’s stock price closed the trading period on November 14, 2024 at a price of $8.92 with a corresponding P/E ratio of 10.19x.
Balance Sheet Highlights
The company’s assets totalled $6.50 billion (2023: $5.97 billion). The overall growth in the company’s asset base is primarily attributed to a year-over-year increase in “Property, Plant & Equipment,” which reached $609.25 million (up from $667.24 million in 2023).
Shareholder’s equity was $2.98 billion (2023: $2.25 billion), representing a book value per share of $0.61 (2023: $0.46).
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.
