CAC 2000 looks to capitalise on post-COVID opportunitiesWednesday, July 08, 2020
BY KELLARAY MILES
Air conditioning and energy company CAC 2000 said that despite the challenges from a series of setbacks, worsened by the ongoing COVID-19 pandemic, the company will be moving forward in taking advantage of all opportunities in the virus aftermath.
Speaking at the company's annual general meeting held last week, Chairman and Chief Executive Officer (CEO) Steven Marston said that despite the uncertainty brought on by the pandemic from the implementation of curfews and indefinite closure of job sites, the company remains optimistic about revenue generating opportunities in the near future.
“We are taking the opportunity to revise our strategy, improve our operating effectiveness (resources and technology) and bolster our financial base in order to take advantage of the opportunities that will arise as the economy stabilises,” he said.
The company said that it currently has over six months' work on hand to be executed by their engineering department, which will also contribute to its revenue generation with it also looking forward to the continuation of a 10-year regional project in Barbuda. The company has also been capitalising on the business of creating custom indoor environmental quality (IEQ) solutions for large offices, business process outsourcing (BPO) entities and standard solutions for smaller offices.
“As worldwide trends show, COVID-19 is not going away quickly and vaccines are not expected to be generally available before 2021/2022, so we are focused on supporting our customers in providing safe spaces for their customers and employees— we are already established as the IEQ experts,” the CEO continued.
Another opportunity for the cool experts lies in energy costs. “Although oil costs have been coming in at an all-time low, it has not reduced our electricity rates because of the increased usage of liquefied natural gas (LNG) and devaluation. As such, CAC is expanding their range of solutions to include energy solutions that go beyond air conditioning.
“We are working to help our customers measure and understand their energy use profiles to be able to identify and implement energy saving solutions,” Marston also shared.
He noted that as a member of the local business community, the company remained committed to the rebound of the economy and subsequently their business.
“The management team remains aware of the challenges, but focused on the myriad of opportunities for growth in these changing times,” he stated.
In its report to shareholders in the last financial year, the air conditioning experts posted a net loss before taxation of $26.5 million, which they said stemmed from the significant obstructions to operations as a result of the prolonged development of the Three Miles bypass among other impediments. These factors, the company said, has caused them to lose out on about one and a half years of normal business activities, which has adversely impacted revenue generation.
“The good news is that we have seen a ramping up of revenues in our last quarter and we started our new financial year with over $870 million of contracts in hand. Our team is now fully focused on the acquisition of additional products and maximising the execution, invoicing and collections for the existing projects and delivering a rapid turnaround in our profits and shareholder's equity,” an optimistic Marston said.
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