CAC 2000 Limited is expanding its business offerings to provide more Internal Environmental Quality solutions for regional businesses.

Gia Abraham, who assumed the role of CEO in January, has charted a new vision for the company, which previously focused on the sales, service and support of air-conditioning systems.

“Our vision is [that of] excelling as the leading experts in Indoor Environmental Quality (IEQ) and Energy, with a mission to engineer solutions and provide products and services that sustain a healthy, comfortable and productive indoor environment,” Abraham told the CAC 2000 annual general meeting (AGM) held last Thursday, September 16, at its corporate offices at Marcus Garvey Drive.

The company, last financial year, began its shift, demonstrating its incredible expertise in the field by identifying and executing indoor environmental quality solutions for corporate customers. These solutions focus on thermal energy and addressed issues of humidity and virus control.

 “This allowed our customers to have significantly [fewer] closures and downtime while keeping their team members and customers safe,” Abraham noted. Solutions implemented by CAC 2000 included air dilution through Fresh Air injection and sterilisation. The company also launched IEQ products such as UV Lamps, HEPA Filters, MERV13 filters, CETO Energy Saving Occupancy Thermostat along with commercial and residential Air Purifiers. 

The CEO assured stakeholders that the move would expand the core business and offer new opportunities and revenue streams.

“Over time these strategic changes will ultimately result in consistent performance, growth, and cash flow, all of which are key to the sustainability of the business thereby ensuring a positive return on equity for our shareholders,” Abraham explained.

This innovative move set the precedent for CAC’s success in 2020 as new services in IEQ drove additional revenue and profits to the company.

Revenue for the year totalled J$1.26 billion, a 12 per cent improvement on $1.12 billion recorded in 2019. Meanwhile, gross profit improved by 23 per cent, up from $344 million in 2019 to $423 million.Net profit for the year totalled $32.5 million, a strong improvement on the losses of $33.4 million recorded in 2019.

The company reduced Trade Payables, Inventory and Borrowings all of which is in keeping with the strategy of improving operational effectiveness. The financial year ended with Trade receivables of $636 million, however, the audited figure has since been reduced by 45 per cent.

Moreover, CAC increased contract assets by $136 million and reduced its expected credit loss. Expenses were kept lower than the previous year as the company took rapid action to respond to COVID-19 by reducing operating costs, whilst avoiding laying off or making any staff members’ roles redundant.

Net finance and other costs were also reduced, and the final result was total expenses down by six per cent compared to the prior year.

“There will be a period of adjustment as we further develop our people, restructure the organisation whilst containing our expenses through improved operational effectiveness to be better able diversify our product and service offerings both in and outside of Jamaica,” Abraham stated.

As part of its strategic goal of people development, CAC 2000 said it implemented ‘The Dream Manager Programme’, aimed at fostering staff development and individual growth.  

This medium empowers staff to confidently express their personal and professional dreams and goals and receive guidance and support with a view to achieving them.

CAC is also committed to daily improving the lives of people outside the organisation and has been working towards this objective through the CAC Foundation.

The company, this year, issued eight scholarships totalling $800,000.

Four were awarded to children attending schools in the surrounding communities; one to the Abilities Foundation; one to the University of the West Indies in the area of humanities; one to the University of Technology in the area of engineering and one to a CAC staff member.