CAC 2000 Ltd recorded a 22.5 per cent increase in profits of $39.8 million. The increased profit, on the back of a 16 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 navigated shocks and inconsistencies in supply chain management that continue to impact operations.
“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,” Abraham explained.
In response, the company has become more agile in 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 a small scale with products such as personal purifiers and on a larger scale with Hepa filters, dehumidifiers and specialized freezers.
The expanded range resulted in multiple revenue streams and positively impacted profits and shareholder returns. With these changes and amidst supply-chain issues, the company delivered profits yielding shareholders $0.31 in earnings per share.
Abraham also affirmed her company’s commitment to improving the lives of the people in the communities in which CAC operates.
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.
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 theoretical aspects of the training. 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,” Abraham explained. CAC 2000 Foundation also offered five scholarships to students of varying ages, totalling $1 million.