August 16, 2023
K.L.E. GROUP LIMITED (KLE) for the six months ended June 30, 2023, reported a $50.27 million increase in Other operating Income totaling $54.01 million compared to $3.74 million in the corresponding period last year. Other operating Income for the second quarter had an increase to close at $54.00 million compared to $6,000 for the comparable quarter of 2022.
Administrative and Other Expenses amounted to $46.99 million (2022: $7.05 million), this represents a increase of 566% year over year. Consequently, profit from operation increased to $7.02 million compared to a loss of $3.31 million for the six months ended June 30, 2022. The company booked profit from operation of $19.40 million for the second quarter versus a loss of $3.19 million reported for a similar quarter of 2022.
Finance and depreciation cost increase by 0.3% to close at $5.84 million (2022: $5.82 million), while Share of post-tax profit of equity accounted associate decreased from $1.31 million in 2023 to a loss of $4.38 million in the period under review. As a result, loss before taxation for the six months ended June 30, 2023 amounted to $3.19 million, a 59% decrease relative to a loss of $7.82 million reported in 2022.
There was no Taxation for the six months ended June 30, 2023.
Net Profit for the six months totalled $1.04 million a 78% decrease from the corresponding period last year (2022: $4.74 million).
Unrealized Gain on revaluation of Investment In Subsidiary, transferred to revaluation reserved for the six months ended June 30, 2023, amounted to $743,000, a 179% increase relative to $266,000 reported in 2022. Unrealized Gain on revaluation of Investment In Subsidiary, transferred to revaluation reserved for the second quarter amounted to $337,000 (2022: nil).
Total Comprehensive Income for the year for the six months amounted to $1.78 million, a 64% decrease from the $5.01 million reported in 2022. For the second quarter, Total Comprehensive Income was $16.32 million (2022: loss of $2.83 million).
Consequently, Earnings Per Share for the six months amounted to $0.01 (2022: EPS: $0.05), while Earnings Per Share for the quarter totaled $0.16 (2022: LPS of $0.03). The twelve-month trailing EPS was $0.21 and the number of shares used in these calculations was 100,000,000.
Notably, KLE’s stock price closed the trading period on August 15, 2023 at a price of $1.49 with a corresponding P/E ratio of 7.11x.
Balance Sheet Highlights
KLE, for the six months, recorded total assets of $166 million, a decrease of 2% when compared to $168.59 million in 2022. This was primarily due to a decrease in ‘Cash & Cash Equivalent’ to $6.33 million (2022: $41.76 million).
Shareholder’s equity was $35.38 million (2022: $13.66 million), representing a book value per share of $0.35 (2022: $0.14).
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