July 3, 2023
Blue Power Group Limited (BPOW) reported for the Year ended April 30, 2023, a 66% increase in revenue totaling $871.32 million compared to $526.45 million in the corresponding period last year. Revenue for the fourth quarter had a 32% increase to close at $237.93 million compared to $179.93 million for the comparable quarter of 2022.
The cost of sales amounted to $661.58 million (2022: 373.42 million); this represents an increase of 77% year over year. Consequently, gross profit increased by 37% to $209.74 million compared to $153.02 million for the Year ended April 30, 2022. The company booked a gross profit of $81.85 million for the fourth quarter, versus $40.17 million reported for the similar quarter of 2022.
Impairment losses on investment decreased by 44% to close at $959,701 (2022: $1.71 million), while Administrative And Marketing Expenses decreased by 7% from $191.19 million in 2022 to $178.13 million in the period under review. As a result, profit from operations for the Year ended April 30, 2023, amounted to $29.79 million, a 15% decrease relative to the $35.12 million reported in 2022.
Finance income totalled $19.31 million, a 27% decrease from the corresponding period last year. (2022: $26.61 million).
Finance costs for the Year ended April 30, 2023, amounted to $7.25 million, a 136% increase relative to the $3.07 million reported in 2022. Finance costs for the fourth quarter amounted to $4.12 million (2022: $1.03 million).
Profit before Taxation for the Year ended April 30, 2023, had a 59% decrease to reach $86.36 million (2022: $209.09 million). Taxation for the year-end amounted to $4.95 million, a 68% decrease from the $15.56 million reported in 2022. For the fourth quarter, Taxation was $6.44 million (2022: $4.78 million).
Net Profit decreased by 58% to $81.41 million (2022: $193.54 million). Net Profit for the quarter totalled $52.21 million, compared to a net loss of $10.80 million booked in the prior year’s quarter.
Comprehensive income for the period totalled $81.41 million, relative to the $181.54 million reported twelve months prior.
Consequently, Earnings Per Share for the year-end amounted to $0.14 (2022: EPS: $0.34), while Earnings Per Share for the quarter totaled $0.09 (2022: LPS: $0.02). The twelve-month trailing EPS was $0.14, and the number of shares used in these calculations was 564,990,000.
Notably, BPOW’s stock price closed the trading period on June 30, 2023, at a price of $3.07 with a corresponding P/E ratio of 21.31x.
Balance Sheet Highlights
The company, as at April 30, 2023, recorded total assets of $1.61 billion, an increase of 14% when compared to $1.53 billion recorded last year. This was a result of the Company booking ‘Property, plant and equipment’ and ‘Inventories’ of $358.75 million (2022: $267.82 million) and $356.68 million (2022: $346.95 million).
Total Stockholders’ Equity as at April 30, 2023, closed at $1.50 billion (2022: $1.43 billion). This represents a book value per share of $1.06 (2022: $0.90).
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