August 17, 2026

PROVEN Group Limited (PROVEN)

Unaudited financials for the three months ended June 30, 2026:

PROVEN Group Limited (PROVEN) for the first quarter ended June 30, 2026, reported flat Interest Income of US$9.83 million relative to US$9.81 million for the comparable quarter of 2025.

Interest Expense fell sharply by 34% to US$1.77 million (2025: US$2.66 million) as the Group’s cost of debt, which peaked during 2025, began to decline. Consequently, Net Interest Income advanced 13% to US$8.06 million compared with US$7.15 million booked for the three months ended June 30, 2025.

Gross profit on manufacturing operations declined 7% to US$3.49 million (2025: US$3.75 million), with manufacturing revenue down 23% to US$10.62 million (2025: US$13.78 million). Notably, this comparison is not on a like-for-like basis, as the current quarter captures only two months (April and May 2026) of Roberts Manufacturing Company Limited results. The Group completed a partial disposal that reduced its shareholding from 50.5% to approximately 38%, resulting in deconsolidation effective May 31, 2026, with Roberts Manufacturing now equity accounted as an associate.

Gross profit on property sales amounted to US$253,900 relative to a loss of US$32,017 for the comparable quarter of 2025. Property sales climbed to US$4.96 million from US$474,402, supported by sales activity at the Sol Harbour development in Ocho Rios, while property expenses rose to US$4.71 million (2025: US$506,419).

Other Income totalled US$5.00 million, a 10% decline relative to US$5.56 million in the prior year quarter. Fees & commissions were relatively flat at US$2.45 million (2025: US$2.47 million), while Fund Management Income grew 5% to US$1.07 million (2025: US$1.02 million) and Other Income rose 36% to US$859,844 (2025: US$632,558). These were outweighed by a 67% contraction in Net fair value adjustments and realised gains to US$281,789 (2025: US$853,124) and a 41% decline in Foreign exchange translation gains to US$350,437 (2025: US$590,452).

Consequently, Operating revenue, net for the quarter increased 2% to US$16.81 million compared with US$16.43 million for the corresponding quarter of 2025.

Total operating expenses for the quarter amounted to US$13.31 million, a 9% reduction relative to US$14.60 million reported in 2025. Staff Costs declined 18% to US$5.30 million (2025: US$6.50 million) and Depreciation and amortisation of intangibles fell 18% to US$1.38 million (2025: US$1.67 million), both benefiting from the deconsolidation of Roberts Manufacturing. Other operating expenses rose 3% to US$6.64 million (2025: US$6.43 million).

As a result, Operating Profit for the three months ended June 30, 2026, amounted to US$3.49 million, a 91% increase relative to US$1.83 million reported for the comparable quarter of 2025.

Preference dividends of US$2.19 million were charged during the quarter (2025: nil), while Finance Costs increased 17% to US$4.35 million (2025: US$3.71 million). Share of Results of Associates swung to a gain of US$2.64 million from a loss of US$768,616 in the prior year quarter, reflecting stronger performance from JMMB Group Limited and Access Financial Services Limited, together with the initial equity-accounted contribution from the retained interest in Roberts Manufacturing for the month of June. In addition, the Group booked a one-off gain on extraordinary activities of US$9.38 million arising from the partial disposal of Roberts Manufacturing.

Consequently, Profit before Income Tax totalled US$8.98 million relative to a loss before tax of US$2.65 million for the three months ended June 30, 2025.

Taxation for the quarter amounted to US$344,350, a 216% increase relative to US$109,057 reported in 2025. As such, Net Profit for the quarter closed at US$8.64 million versus a Net Loss of US$2.76 million in the prior year quarter.

Net Profit Attributable to Shareholders for the quarter amounted to US$8.23 million relative to a Net Loss Attributable to Shareholders of US$2.65 million reported in 2025, a turnaround of US$10.88 million.

Consequently, Earnings Per Share for the quarter amounted to US$0.0103 (2025: LPS: US$0.0033). The twelve-month trailing EPS was US$0.0076 (J$1.20), and the number of shares used in these calculations was 801,732,000.

Notably, PROVEN’s stock price closed the trading period on August 14, 2026, at a price of J$8.96 with a corresponding P/E ratio of 7.49x.

Balance Sheet Highlights

The Group’s assets totalled US$1.13 billion (2025: US$1.16 billion), a 3% reduction of US$34.74 million, and 3% below the US$1.16 billion reported at March 31, 2026. Notably, Investment in associates led the growth in total assets with an increase of US$40.13 million or 36% to close at US$151.42 million, up 29% from the March 2026 year-end, principally due to the reclassification of Roberts Manufacturing from a consolidated subsidiary to an equity-accounted associate. Investment securities rose US$18.10 million or 4% to US$481.70 million, while Trade and other receivables increased US$8.82 million to US$52.70 million.

These gains were offset by the effects of deconsolidation and lower liquidity. Cash and cash equivalents declined US$41.31 million or 28% to US$106.39 million, Property, plant and equipment fell US$22.61 million or 57% to US$16.76 million, Intangible assets declined US$13.74 million or 42% to US$19.31 million, and Inventories moved to nil (2025: US$9.03 million). Loans receivable eased 2% to US$210.11 million.

Shareholder’s equity was US$121.85 million (2025: US$106.97 million), an increase of 14%, and 12% above the US$109.08 million reported at March 31, 2026. This represents a book value per share of US$0.152 or J$24.05 (2025: US$0.133 or J$21.46). Non-controlling interest was eliminated from the consolidated balance sheet during the quarter (2025: US$18.16 million) following the Roberts Manufacturing transaction.

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