December 13, 2024

Blue Power Group Limited (BPOW)

Unaudited financials for the six months ended October 31, 2024:

Blue Power Group Limited (BPOW) for the six months ended October 31, 2024, reported a 17% increase in revenue totaling $468.56 million compared to $402.06 million in the corresponding period last year. Revenue for the Second quarter had a 26% increase to close at $234.68 million compared to $185.73 million for the comparable quarter of 2023.

Cost of Sales amounted to $295.83 million (2023: $258.16 million), this represents an increase of 15% year over year. Consequently, gross profit increased by 20% to $172.73 million compared to $143.91 million for the six months ended October 31, 2023. The company booked gross profit of $77.25 million for the second quarter versus $71.20 million reported for the similar quarter of 2023.

Impairment gains on investment increased by 38% to close at $279,695 (2023: Impairment Losses on investments of $451,343), while Administrative and Other Expenses increased by 12% from $95.35 million in 2023 to $107.10 million in the period under review. As a result, profit from operations for the six months ended October 31, 2024, amounted to $71.12 million, a 23% increase relative to $57.96 million reported in 2023.

Other income for the six months ended October 31, 2024, amounted to $5.57 million, a 41% decrease relative to $9.41 million reported in 2023. Other income for the Second quarter amounted to $2.64 million (2023: $4.47 million). Finance income totalled $21.48 million a 8% increase from the corresponding period last year. (2023: $19.87 million).

Finance costs for the six months ended October 31, 2024, amounted to $1.12 million, a 46% decrease relative to $2.08 million reported in 2023

Profit before Taxation for the six months ended October 31, 2024, had a 17% increase to reach $105.67 million (2023: $90.01 million). Taxation for the six months amounted to $18.52 million, a 5% decrease from the $19.48 million reported in 2023. For the Second quarter, Taxation was $7.03 million (2023: $9.33 million).

Net Profit increased by 24% to $87.15 million (2023: $70.53 million). Net Profit for the quarter totalled $38.61 million relative to the $32.53 million booked in the prior year’s quarter.

Consequently, Earnings Per Share for the six months amounted to $0.15 (2023: EPS: $0.12), while Earnings Per Share for the quarter totaled $0.07 (2023: EPS: $0.06). The twelve-month trailing EPS was $0.34, and the number of shares used in these calculations was 564,990,000.

Notably, BPOW’s stock price closed the trading period on December 12, 2024, at a price of $5.05 with a corresponding P/E ratio of 15.03x.

Balance Sheet Highlights

The company’s assets totalled $1.80 billion (2023: $1.64 billion). This increase was attributable to “Cash and Cash Equivalents” which amounted to $342.89 million (2023: $192.12 million). Inventories also contributed to the increase equating to $332.70 million (2023: $313.30 million).

Shareholder’s equity was $1.68 billion (2023: $1.55 billion), representing a book value per share of $2.97 (2023: $2.74).

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