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After posting record revenue, air quality company CAC 2000 Limited is back in the black with net profit of $22.26 million last year.
This is transitioning from a net loss of $98.23 million in 2023, and comes as revenue rocketed from $823 million to $1.2 billion.
CEO Gia Abraham said that after enduring a string of losses and anaemic performance dating back to 2019, the company has a more positive outlook on its resilience and growth.
The revenue outturn, last achieved six years ago, matches the company’s performance in 2018, and recovers business lost since the pandemic.
“The team really pulled out all the stops, and we’ve been working assiduously,” Abraham said in an interview with the Financial Gleaner following the release of CAC’s October 2024 year-end report. “We’re still seeing where we have a lot to grow and to keep performing and step it back up,” she added.
Profit is yet to recover.
The company has also seen slippage in its cash holding, with operations spinning from positive flows of $97 million to negative $70 million, while net cash slid from $76 million to $60 million. To keep generating timely cash flows, CAC will be looking at how it does project financing, billing, and actual execution of the projects.
CAC is also banking on its core strength of executing large projects, such as the ongoing solarisation and air conditioning retrofitting of 22 government institutions, inclusive of 16 hospitals. The project is being done under the auspices of the Ministry of Science, Energy, Telecommunications and Transport, MSETT, with funding from the European Union.
“The MSETT project is significant and our book of business is very strong. We’re seeing an uptick in our service business as well,” said Abraham.
“We should be able to see the influx of our transactional items coming in. Those were paused to get the (MSETT) project up and running,” she added.
The MSETT project has moved out of the design phase and is entering the preliminary execution phase where equipment is procured.
“That will take us to the slated finish of August, September of 2025. So, that one is going to be full steam ahead,” Abraham said.
CAC’s other prospects lie in tri-generation, where elements of solar power generation are combined with waste heat recovery from boiler operations, natural gas generators and chiller systems for air conditioning operations to produce electricity. ENRVATE, which is headed by CAC Chairman Steven Marston and is a joint venture between CAC 2000 and Tropical Battery Company, has just finished a tri-generation project at the Hilton Rose Hall on the outskirts of Montego Bay, she said.
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