By capitalising on the window of opportunity created by the novel coronavirus pandemic and launching its indoor environmental quality solutions in July, CAC 2000 Limited was able to rebound from the $33.4-million net loss it recorded last year.

The air conditioning and energy company indicated in its October 2020 year-end report to shareholders that net profit amounted to $32.5 million, while revenues increased by 12 per cent to $1.26 billion over the previous corresponding year.

“CAC, once again, has demonstrated our agility by identifying and offering indoor environmental quality solutions such as fresh air injection systems, higher efficiency filtration, sterilisation and improved maintenance services which gained us additional revenues,” the company stated.

“Expenses were kept lower than the previous year as we took rapid action to respond to COVID-19 by reducing operating costs but without making any of our staff members redundant,” it continued.

Net finance and other costs were also reduced from the $35.7 million recorded in the previous corresponding year to $27.7 million October 31, 2020.

Looking ahead, the company further indicated that it has started the new financial year with a healthy job portfolio and is working on exciting changes, including handing over to the new chief executive officer, Gia Abraham; a new enterprise software which is expected to be completed and implemented in early 2021, and other initiatives to chart a path of profitable growth.