November 14, 2024

Expressed In United States dollars (except where it is indicated otherwise)

Proven Group Limited (PROVEN) for the six months ended September 30, 2024, reported a 4% increase in Interest Income totaling US$19.96 million compared to US$19.20 million in the corresponding period last year. Interest Income for the second quarter had a 4% increase to close at US$9.84 million compared to US$9.48 million for the comparable quarter of 2023.

Interest Expense amounted to US$11.40 million (2023: $10.04 million), this represents a decrease of 14% year over year. Consequently, net interest income decreased by 7% to US$8.56 million compared to US$9.16 million for the six months ended September 30, 2023. The company booked net interest income of US$4.03 million for the second quarter versus US$4.20 million reported for the similar quarter of 2023.

Operating revenue decreased by 5% to close at US$11.47 million (2023: US$12.12 million). Consequently, Net Revenue decrease by 2% from US$30.04 million in 2023 to US$29.37 million in the period under review.

Total operating expenses for the six months ended September 30, 2024 amounted to US$26.82 million, a 4% decrease relative to US$27.82 million reported in 2023.

Operating Profit for the six months ended September 30, 2024, amounted to US$2.55 million, a 15% increase relative to US$2.22 million reported in 2023. Operating Profit for the second quarter amounted to $1.79 million (2023: US$192,539).

Share of Results of Associates totaled US$1.07 million a 61% decrease from the corresponding period last year. (2023: US$2.73 million).

Profit before taxation totalled US$3.36 million a 32% decrease from the corresponding period last year. (2023: US$4.95 million).

Tax Charge for the six months ended September 30, 2024, amounted to US$550,020, a 370% increase relative to US$116,928 reported in 2023. As such, Net Profit for the six months ended September 30, 2024, had a 42% decrease to reach US$2.81 million (2023: US$4.83 million).

Net Profit Attributable to Shareholders for the six months amounted to US$1.30 million, a 65% decrease from the US$3.71 million reported in 2023. For the second quarter, Net Profit Attributable to Shareholders was US$3.13 million (2023: Net loss of US$171,064).

Consequently, Earnings Per Share for the six months amounted to US$0.002 (2023: EPS: US$0.005), while Earnings Per Share for the quarter totaled US$0.004 (2023: LPS: US$0.000). The twelve month trailing EPS was US$0.01 (J$1.96) and the number of shares used in these calculations was 801,732,000.

Notably, PROVEN’s stock price closed the trading period on November 14, 2024, at a price of J$18.00 with a corresponding P/E ratio of 9.18x.

Balance Sheet Highlights

The company’s assets totalled US$1.06 billion (2023: US$1.02 billion). The growth in total assets was led by a US$71.14 million increase in ‘Investment securities. However,  this was tempered by a US$34.32 million decline in ‘Cash and cash equivalents’.

Shareholder’s equity was US$115.49 million (2023: US$96.30 million), representing a book value per share of US$0.14 (2023: US$0.12).

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