May 14, 2024
tTech Limited (tTech) for the first quarter ended March 31, 2024, reported a slight decrease in revenue totalling $117.98 million compared to $118.37 million in the corresponding three months last year.
Cost of Sales amounted to $70.81 million (2023: $69.51 million), this represents an increase of 2% year over year. Consequently, gross profit decreased by 3% to $47.17 million compared to $48.86 million for the first quarter ended March 31, 2023.
Administrative expenses increased by 3% to close at $36.83 million (2023: $35.75 million), while Other Operating expenses increased by 37% from $5.56 million in 2023 to $7.63 million for the three months. As a result, Operating Profit for the first quarter amounted to $5.81 million, a 21% decrease relative to $7.36 million reported in 2023.
Finance cost for the three months amounted to $448,000, an 8% decrease relative to $487,000 reported in 2023.
Finance income totalled $650,000, a 7% decrease from the corresponding period last year. (2023: $697,000).
Profit before Taxation for the first quarter ended March 31, 2024, amounted to $6.01 million, a 21% decrease relative to $7.57 million reported in 2023.
Taxation for the three months had a 47% decrease to reach $750,000 (2023: $1.41 million). As such, Net Profit for the three months amounted to $5.26 million, a 15% decrease from the $6.16 million reported in 2023.
Consequently, Earnings Per Share for the three months amounted to $0.05 (2023: EPS: $0.06). The twelve month trailing EPS was $0.19, and the number of shares used in these calculations was 106,000,000.
Notably, tTech’s stock price closed the trading period on May 13, 2024, at a price of $2.20 with a corresponding P/E ratio of 11.89x.
Balance Sheet Highlights
The company’s assets totalled $340.98 million (2023: $311.56 million). The growth in total assets was primarily due to a $40.84 million or 46% uptick in ‘Trade & other receivables’ to $129.19 million (2023: $88.35 million).
Shareholder’s equity was $244.74 million (2023: $225.12 million), representing a book value per share of $2.31 (2023: $2.12).
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