December 15, 2025
Blue Power Group Limited (BPOW)
Unaudited financials for the six months ended October 31, 2025
Blue Power Group Limited (BPOW) reported a 16% decline in revenue for the six months ended October 31, 2025, totaling $391.43 million, compared with $468.56 million in the corresponding period last year. Revenue for the second quarter declined by 32% to $159.26 million, compared with $234.68 million for the comparable quarter of 2024.
Cost of sales amounted to $257.69 million (2024: $295.83 million), representing a 13% year-over-year decrease. Consequently, gross profit declined by 23% to $133.75 million, compared with $172.73 million for the six months ended October 31, 2024. Gross profit for the second quarter amounted to $55.41 million, versus $77.25 million reported for the similar quarter of 2024.
Impairment losses on investments declined by 95% to $13,587 (2024: impairment gain on investments of $279,695), while administrative and other expenses increased by 15%, rising from $107.10 million in 2024 to $122.83 million during the period under review. As a result, profit from operations for the six months ended October 31, 2025, amounted to $20.30 million, representing a 71% decrease compared with $71.12 million reported in 2024.
Other income for the six months ended October 31, 2025, totaled $9.44 million, reflecting a 69% increase relative to $5.57 million reported in 2024. Other income for the second quarter amounted to $4.35 million (2024: $2.64 million). Finance income totaled $20.73 million, representing a 4% decline from the corresponding period last year (2024: $21.48 million).
Finance costs for the six months ended October 31, 2025, amounted to $997,746, an 11% decrease relative to $1.12 million reported in 2024. Finance costs for the second quarter amounted to $446,348 (2024: finance income of $119,615).
Profit before taxation for the six months ended October 31, 2025, declined by 51% to $51.37 million (2024: $105.67 million). The taxation charge for the six months amounted to $7.65 million, representing a 59% decrease from the $18.52 million reported in 2024. For the second quarter, the taxation charge totaled $2.33 million (2024: $7.03 million).
Net profit declined by 50% to $43.71 million (2024: $87.15 million). Net profit for the quarter totaled $14.83 million, compared with $38.61 million recorded in the prior year’s quarter.
Consequently, earnings per share for the six months amounted to $0.08 (2024: $0.15), while earnings per share for the quarter totaled $0.03 (2024: $0.07). The trailing twelve-month EPS stood at $0.17, based on 564,990,000 shares in issue.
Notably, BPOW’s stock price closed the trading period on December 12, 2025, at $3.50, corresponding to a price-to-earnings ratio of 21.18 times.
Balance Sheet Highlights
Total assets amounted to $1.85 billion (2024: $1.80 billion). This increase was primarily attributable to investments totaling $369.14 million (2024: $242.51 million).
Shareholders’ equity stood at $1.76 billion (2024: $1.68 billion), representing a book value per share of $3.12 (2024: $2.97).
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