November 15, 2023
In United States dollars (except where it is indicated otherwise)
Productive Business Solutions Limited (PBS) for the nine months ended September 30, 2023, reported a 2% increase in Revenue totaling US$232.99 million compared to US$227.49 million in the corresponding period last year. Revenue for the third quarter had a 4% uptick to close at US$72.24 million compared to US$69.38 million for the comparable quarter of 2022.
Direct Expenses amounted to US$159.03 million (2022: $156.84 million), this represents an increase of 1% year over year. Consequently, gross profit increased by 5% to US$73.96 million compared to US$70.65 million for the nine months ended September 30, 2022. The Company recorded gross profit of US$24.96 million for the third quarter versus US$24.24 million reported for the similar quarter of 2022.
Other Income year to date inched up 10% to close at US$2.36 million (2022: US$2.15 million), while Selling, General and Administrative Expenses rose 13% from US$51.55 million in 2022 to US$58.00 million in the period under review. As a result, operating profit for the nine months ended September 30, 2023 amounted to US$18.32 million, a 14% decrease relative to US$21.26 million reported in 2022.
Finance Costs for the nine months ended September 30, 2023, amounted to US$10.29 million, relative to US$12.74 million reported in 2022.
Profit before Taxation totalled US$8.03 million (2022: US$8.52 million). a 6% decrease from the corresponding period last year. For the quarter, Profit before tax amounted to US$1.93 million (2022: US$3.86 million).
Taxation for the nine months ended September 30, 2023, amounted to US$2.50 million, a 40% decrease relative to US$4.20 million reported in 2022.
Net Profit for the nine months ended September 30, 2023, had a 28% increase to reach US$5.53 million (2022: US$4.32 million). For the third quarter, Net Profit was US$1.19 million (2022: US$1.96 million). Net profit attributable to shareholders for the nine months ended September 30, 2023, amounted to US$5.47 million compared to US$4.29 million twelve months earlier.
Consequently, Earnings Per Share for the nine months amounted to US2.91cents (2022: EPS: US2.28 cents), while Earnings Per Share for the quarter totaled US0.63 cents (2022: EPS: US 1.05 cents). The twelve-month trailing EPS was US5.17 cents and the number of shares used in these calculations was 186,213,523.
Notably, PBS’s stock price closed the trading period on November 15, 2023, at a price of US$1.55 with a corresponding P/E ratio of 29.97x.
Balance Sheet Highlights
The company’s assets totalled US$384.74 million (2022: US$387.06 million). The movement in total assets can be attributed to ‘Inventories’ falling 19% to US$43.56 million, while ‘Property plant and equipment’ increased 13% to US$33.00 million and ‘Long term receivables’ increased 1179% to close at US$4.90 million.
Shareholder’s equity was US$109.68 million (2022: US$104.92 million), representing a book value per share of US$0.60 (2022: US$0.56).
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