CAC 2000 Limited has decided to put its regional expansion ambitions on hold as the novel coronavirus pandemic wrenches into the company’s overseas plans.
Gia Abraham, chief executive officer (CEO) at CAC 2000, said “As we were going through the process persons kept having to stop what they were doing with the due diligence and just everything that is involved with regional expansion. So, at this point yes, we are still planning regional expansion, it may just look a little bit different or take a little longer time than what we expected because of what we are facing right now with travel restrictions.”
But the work which CAC 2000 already started in other territories will continue, including partnerships in Barbuda and Honduras.
“At present we are not officially anywhere else in the region. What we do is that we are working on a variety of projects in various islands in partnership with others. So the two that we had already indicated, one is Barbuda which has quite a few homes on the island which had been pretty much [been] decimated from the hurricane, and so we are working in tandem with a US company to do some of the installations within Barbuda. We also have some opportunities in Honduras and those, as they evolve, we will let people know about it. And in a few of the other islands, but again we usually keep these things close to our chest because of the reporting regulations,” Abraham continued.
While the expansion won’t proceed in the way it was initially intended, the CAC 2000 CEO said the company is exploring other promising areas which involve energy generation.
“One of the things as we all know is the large amounts that we are all paying for our energy bills and so the partnership with Enervate is what I would call a symbiotic relationship because if you look at energy, a large component of it happens to be batteries — which is how the conversation started with Tropical Battery and will continue. As it pertains to more partnerships, we’re always open and we have quite a lot of our customers and suppliers [with] who it would be beneficial for us do these partnerships.”
In the interim she said the company will continue to do what it does best while looking into an expansion of its business offerings in order to increase revenue.
“IEQ means internal environmental quality and IAQ is internal air quality; we’ve always been in the IEQ market. IEQ addresses large amounts of area and thermal comfort, which is actually where air conditioning and heating lies. What we recognise is that we were only touching the tip of the iceberg and as such, we are now looking to expand our horizons where IEQ is concerned. Most recently you saw CAC has gone full force into the air purification; we did some of that but much more on a commercial level and now we’re doing it both on a residential and commercial level — and we’ll continue to do that because we see that as part of the way forward, especially in light of COVID,” Abraham added.
“Other areas we’re looking at will be water treatment and energy, all of which when you look at a property, everything in there is part of the internal environmental quality — the plants, the water, how people sit (the ergonomics), so we will be looking to address those which are still part of our core functions, not necessarily every single one on the wheel but quite a few of them,” said Abraham.
At the same time, CAC 2000 has introduced a service technician training programme which trains and certifies workers who can then train other workers on the ground in other destinations where the company is operating. The CEO explained that the internal expertise came in handy recently when the company was tasked with the responsibility of procuring freezers to store COVID-19 vaccines.
“We’re very proud to say that we were the providers of the two freezers that the Musson Group had for the Pfizer shot. We had to do a lot of research to be able to deliver freezers that could go to minus 80, because that is not a normal temperature for any freezer. Our technical team, they went through multiple iterations of the product to be able to put it to the Musson Group to be able to purchase it. And we were able to get it here in record time — which they were very surprised at because initially they thought at least six to eight months — and we got it here in under three months and they are up and working and we installed them,” Abraham boasted.
For 2020 the company’s net profit totalled $32.5 million, a strong improvement on the losses of $33.4 million recorded in 2019. Revenue for the year came in at $1.26 billion, a 12 per cent improvement on the $1.12 billion recorded in 2019. CAC 2000 said 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 member’s role redundant.