Business
JM | Oct 3, 2022

CAC posts 22.5% increase in profits

/ Our Today

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CAC 2000 Ltd has recorded a 22.5 per cent increase in profit before tax of $39.8 million.

The increased profit, on the back of an 18.8 per cent decline in revenue, was achieved through increased efficiency, in part attributable to the enterprise resource planning (ERP) system introduced last financial year.

Further, CAC 2000 recommitted to growth through operational efficiency and diversification even as the company navigates shocks and inconsistencies in supply chain management that continue to impact operations.

CAC 2000 says it has continued to explore solutions to challenges resulting from changes in global logistics operations so as to effectively serve its clientele.

MULTIPLE REVENUE STREAMS

“The new norm for logistics has shifted, lead times are longer and that impacts the timelines for us to deliver goods to our consumers. We used to be able to deliver items sourced outside of Jamaica in two weeks, now production is 70 days and then another two months on the ship,” said Gia Abraham, chief executive officer of CAC 2000 Ltd.

In response the company has become more agile sourcing supplies from local firms to meet their short-term obligations, implementing a new enterprise resource planning (ERP) software along with other measures to ensure consistency in supply.

Adding to the net profit growth was the introduction of a range of new products including portable air conditioners, air purification solutions on both a small scale with products such as personal purifiers and on a larger scale with Hepa filters, dehumidifiers and specialised freezers​​. The expanded range resulted in multiple revenue streams and positively impacted profits and shareholder returns. In fact, with these changes and amid supply chain issues the company delivered profits yielding shareholders $0.31 in earnings per share.

CAC 2000 Limited’s Gia Abraham, chief executive officer; Christina Stewart-Murdock, business development officer; and Anthony Shaw, board member, are captivated by Steven Marston, chairman after the annual general meeting held at 231 Marcus Garvey Drive, Kingston 11 on September 22.

In support of the company’s new trajectory, the local cooling company also appointed three new members to the board – Simon Roberts​, M. Anthony Shaw​ and Katherine Francis.

In addressing the attendees of the annual general meeting held on September 22 at 231 Marcus Garvey Drive, Kingston 11, Abraham welcomed the new board members who she stated brings a wealth of
experience to the Board.

Abraham also affirmed her company’s commitment to improving the lives of the people in the communities in which they operate. The CAC 2000 Foundation graduated the third tranche of its Service Technician Training Programme in partnership with FHI 360 equipping 15 young men with heating, ventilation, and air conditioning (HVAC) certification in July of this year.

“These young men were then partnered with some of our senior technicians or with an engineer and visited job sites. We have found that this approach really resulted in positive results.”

Gia Abraham, chief executive officer of CAC 2000 Ltd

Nine participants are currently contracted on projects with the firm.

“The programme had certain criteria that have to be met and these young men met them. Most of them come in from in and around the area. We had experts come in to do life skills training with them along with the practical and theory aspect of the training,” Abraham explained.

“These young men were then partnered with some of our senior technicians or with an engineer and visited job sites. We have found that this approach really resulted in positive results. A few participants came to us with ideas of how to get more participants for the next programme.”

CAC 2000 Foundation also offers five scholarships to students of varying ages, totalling $1 million. The Pearl Drue Wong Scholarship that provides five scholarships to students attending school in and around the neighbouring community. The Audrey Roberts Scholarship goes to a successful UWI applicant studying in the field of Humanities. There is also a scholarship made available to the Abilities Foundation and lastly two CAC staff members may qualify and apply for staff scholarships to continue their studies.

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