Gross revenues and profits slightly up

Jamaican port and logistics company, Cargo Handlers Limited experienced a missed first quarter in December with revenues up but profits slightly down.

For the period under review, Cargo Handlers, which was founded in 1981 and is based in Jamaica’s second city of Montego Bay, St James, posted gross revenues of J$134.34 million, up 15 per cent from the J$116.99 million achieved during the corresponding period in 2021.

Cost of sales totalled J$1.65 million (2021: nil) resulting in gross profit of J$132.69 million (2021: J$116.99 million). Gain on foreign exchange closed at J$2.03 million (2021: J$12.77 million).

The company reported other income of J$5.55 million versus other losses of J$4,616 in 2021. Administrative expenses totalled at J$8.79 million, up from J$6.18 million in 2021, while other operating expenses amounted to J$55.94 million, up from J$46.41 million in 2021.

Operating profit down

Cargo Handlers recorded an operating profit of J$75.53 million, down from the J$77.17 million booked for the corresponding period in 2021. Interest income fell by 86% to J$156,709 (2021: J$1.13 million).

Share of profit of associates amounted to J$18.95 million compared to J$5.32 million in 2021. Profit before taxation rose 13 per cent to J$94.18 million versus the J$83.37 million documented for the same period in 2021.

Net profit increased to J$75.28 million (2021: J$63.79 million) following a tax charge of J$18.89 million (2020: J$19.57 million).

As of December 31, 2022, ‘Total Assets’ rose 28 per cent to J$946.02 million (2021: J$741.76 million). This increase was primarily driven by an increase in ‘Short-term Deposits’ to J$426.28 million (2021: J$262.50 million).

Shareholders’ equity as of December 31, 2022, amounted to J$863.85 million (2021: J$656.85 million), resulting in a book value per share of J$2.08 (2021: J$1.58).