Air conditioning and energy solutions provider CAC 2000 Limited in looking to come back from losses, has touted its continued focus on new products, including the addition of its new Vytal brand, from which it hopes to further drive revenues.
"CAC's big takeaway from COVID continues to be the need for diversification of our revenue streams and product offerings and to this end CAC is pleased to announce the launch of our own trademarked brand Vytal," commented CEO Gia Abrahams in a report to shareholders at the end of the company's third quarter.
"CAC continues to be focused on building up our project pipeline and to this end we continue to see the project portfolio bolstered by our wins on a day to day basis," she stated.
Vytal, the company's newest line of inverter AC units, its CEO said has been well received by customers and resellers. This comes at a time when sweltering heat conditions this summer as a result of aggressive climate change patterns continue to strengthen the demand from customers as they seek after more cooling options.
CAC which through its business services a wide range of residential and commercial customers has over its long history spanning more than eight decades been the distributor of brands such as Carrier, Broad, LG, Fujitsu, Carlyle, Honeywell, Sanyo, Emerson, TopTech, and Fasson, offering some of the largest stock of technologically advanced air-conditioning and refrigeration systems locally. Repositioning from a series of poor performances, largely brought on by pandemic induced volatilities, the company through a recent capital injection and the commissioning of its first retail store has been working to remedy its loss-making position.
"We continue to be encouraged by the increased number of requests for quotes (RFQ) and tenders," Abrahams said of current sales prospects.
The company's latest financials which up to the end of the nine months ended July recorded reduced revenues of $637.7 million was followed by increased losses of $73.9 million. Quarterly out-turns on the other hand reflecting a slightly improved performance saw reduced losses of $27.5 million backed by revenues of $251.3 millionâ€”up 15 per cent above the corresponding period in 2022.
Total assets at the end of the nine-months however fell from $1.5 to $1.3 billion.
Abrahams further commenting on the company's latest performance indicated that despite the challenges, the business will continue to set itself up for future growth and expansion.
"CAC continues to focus on expanding the markets served, as we implement new products and services and remain committed to delivering long-term value to our shareholders," she said in the report.