Revenue climbs by 40% to J$472.34 million

Durrant Pate/Contributor

Port company, Cargo Handlers Limited (CHL) is reporting an 81 per cent increase in its 2022 year-end net profits, which climbed to J$289.17 million, up from J$159.60 million in 2021.

Net profit for the fourth quarter ended September 30, 2022 increased to J$75.68 million relative to $41.90 million in 2021. Profit before taxation rose to J$337.44 million versus J$207.18 million in 2021.

Pre-tax profits for the September quarter closed at J$91.98 million, almost doubling the J$48.62 million made last year. Taxation for the year was flat at J$48.28 million compared to J$47.58 million in 2021.

Earnings per share (EPS) for the year was J$0.69 (2021: J$0.38). EPS for the final quarter amounted to J$0.18 (2021: J$0.10). CHL stock price closed trading yesterday at a price of J$12.46 with a corresponding P/E ratio of 12.39 times.

Improved revenue showing

Revenues for the year totaled J$472.34 million up 40 per cent from the J$337.31 million booked in 2021. Revenues for the September quarter improved by 44 per cent to J$118.67 million from J$82.45 million booked for the same quarter of 2021.

CHL recorded a slight decline in other income of J$18.30 million, down from the J$23.81 million earned last year. Administrative expenses amounted to J$27.28 million (2021: J$23.73 million), while other operating expenses stood at J$196.24 million (2021: J$154.20 million).

The company reported finance cost of J$1.34 million for the year in comparison to the J$1.18 million reported for 2021. Interest income year to date amounted to J$14.19 million, up from the 2021 posting of J$2.24 million.

As at September 2022, CHL total assets rose by 28 per cent to J$884.09 million (2021: J$690.30 million). This increase was primarily driven by a 78 per cent growth in ‘Receivables, which, went up to J$66.16 million from the J$37.12 million posted in 2021.

Shareholders’ equity as at September 30, 2022, amounted to J$788.56 million (2021: J$593.06 million), resulting in a book value per share of J$1.89 (2021: J$1.42).