March 13, 2024
Blue Power Group Limited (BPOW) for the nine months ended January 31, 2024, reported a 1% decrease in revenue totalling $624.10 million compared to $633.39 million in the corresponding period last year. Revenue for the third quarter had a 15% increase to close at $222.04 million compared to $193.72 million for the comparable quarter of 2023.
Cost of sales amounted to $382.08 million (2023: $505.50 million), this represents a decrease of 24% year over year. Consequently, gross profit increased by 89% to $242.02 million compared to $127.89 million for the nine months ended January 31, 2023. The company booked gross profit of $98.12 million for the third quarter versus $45.74 million reported for the similar quarter of 2023.
Impairment gains on investment closed at $165,121 (2023: impairment losses of $703,465), while impairment gains on trade receivables decreased by 82% to reach $35,769 from the $196,868 booked in 2023. Administrative and other expenses increased by 7% from $136.18 million in 2023 to $145.95 million in the period under review.
Other income for the nine months ended January 31, 2024, amounted to $13.51 million, a 39% decrease relative to $22.14 million reported in 2023. Other income for the third quarter amounted to $4.10 million (2023: $6.29 million).
As a result, profit from operations for the nine months ended January 31, 2024, amounted to $109.78 million, a 722% increase relative to $13.35 million reported in 2023.
Net finance income grew year over year to $24.06 million from the $9.68 million booked in 2023, largely due to increases in finance income.
Profit before taxation for the nine months ended January 31, 2024, had a 281% increase to reach $154.58 million (2023: $40.59 million). Taxation for the nine months amounted to $34.28 million, a 201% increase from the $11.39 million reported in 2023. For the third quarter, taxation was $14.80 million (2023: $5.14 million).
Net profit increased by 312% to $120.30 million (2023: $29.20 million). Net profit for the quarter totalled $49.77 million relative to the $12.81 million booked in the prior year’s quarter.
Earnings per share (EPS) for the nine months amounted to $0.21 (2023: $0.05), while EPS for the quarter totalled $0.09 (2023: $0.02). The twelve-month trailing EPS was $0.31, and the number of shares used in these calculations was 564,990,000.
Notably, BPOW’s stock price closed the trading period on March 12, 2024, at a price of $3.06 with a corresponding P/E ratio of 10.02x.
Balance Sheet Highlights:
The company’s assets totalled $1.68 billion (2023: $1.58 billion); a 6% increase year over year largely attributed to cash and cash equivalents, which surged to $179.53 million from the $8.03 million reported in 2023.
Shareholder’s equity was $1.60 billion (2023: $1.45 billion), representing a book value per share of $2.83 (2023: $2.56).
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