Caribbean Cement Company Limited (CCC)

For the nine months Ended September 30, 2017:

• Total revenue for the nine months grew by 2% amounting to $12.26 billion, up from $11.98 billion reported a year ago. For the three months ended September 2017 the company saw a 14% increase in revenue closing at $4.18 billion relative to the $3.70 billion in 2016. According to the company “This was attributable to increase in volumes distributed to the domestic market”.
• Earnings before interest, tax, depreciation & amortization (EBITDA) amounted to $2.43 billion, a decline of 2% relative to $2.47 billion for the prior year’s corresponding period. For the quarter CCC reported EBITDA of $966.28 million, $871.40 million more than that reported in 2016 (2016: $94.88 million).  CCC noted, “Improvements in excess of $300 million compared to the same quarter in 2016. This came from a major maintenance exercise, which took place during quarter three of 2016.The next major maintenance is scheduled to take place during quarter four 2017.”
• Depreciation and amortization closed at $400.23 million (2016: $359.03 million). CCC reported Stock Holder and inventory restructuring gain of $30.42 million compared to a cost of $406.45 million in 2016. CCC also reported zero Manpower Restructuring Cost in 2017 compared to $407.25 million in 2016.
• Interest Income amounted to $1.92 million for the period compared to $1.60 million for the corresponding period in 2016 a 20% increase.
• Furthermore, the company reported a $4.40 million Finance Credit compared to a $37.86 million Finance Cost reported in 2016.
• Profit before taxation totaled $2.07 billion, this compares with profit of $1.26 billion recorded last year. Net profit for the year closed at $1.81 billion relative to net profit of $973.36 million during the corresponding period in 2016, an increase of 86%. For the quarter the company reported Net Profit of $747.88 million relative to a net loss of $81.12 million.
• Consequently, earnings per share (EPS) amounted to $2.13 (2016: $1.14), while the EPS for the quarter was $0.88 (2016: Loss per share of $0.10). The twelve months trailing EPS is $2.52. The number of shares used in this calculation was 851,136,591 shares.
• CCC noted, “The board remains committed to meeting the local cement demand and contributing to economic development. We will continue to reinforce the Group’s profitability and competitiveness of the plant while creating a better environment for our plan.”

 

Balance sheet at a Glance:

• Total Assets grew by $1.72 billion or 16% to close at $12.36 billion as at September 30, 2017 (2016: $10.63 billion). The increase in total assets was largely due to the increase in non-current assets which grew by $1.83 billion to a total of $7.87 billion (2016: $6.03 billion).
• Shareholder’s equity totaled $9.62 billion compared to the $7.41 billion quoted as at September 30, 2016. This resulted in a book value of $11.31 (2016: $8.71). The number of shares used in our calculations amounted to 851,136,591 units.