February 16, 2024

Productive Business Solutions Limited (PBS) for the year ended December 31, 2023, reported a 7% increase in revenue totalling US$333.33 million compared to US$312.00 million in the corresponding period last year.

Direct expenses amounted to US$225.66 million (2022: $214.18 million), this represents an increase of 5% year over year. Consequently, gross profit increased by 10% to US$107.67 million compared to US$97.82 million for the year ended December 31, 2022.

Other income closed at US$2.33 million (2022: US$2.58 million), while selling, general and administrative expenses increased by 12% from US$70.94 million in 2022 to US$79.39 million in the period under review. As a result, operating profit for the year ended December 31, 2023, amounted to US$30.61 million, a 4% increase relative to US$29.46 million reported in 2022.

Finance costs for the year ended December 31, 2023, amounted to US$14.04 million, a 21% decrease relative to US$17.67 million reported in 2022.

Profit before taxation totalled US$16.57 million, a 41% increase from the corresponding period last year (2022: US$11.79 million).

Taxation for the year ended December 31, 2023, amounted to US$5.16 million, a 56% uptick relative to US$3.31 million reported in 2022.

Net profit for the year ended December 31, 2023, amounted to US$11.40 million, a 35% improvement from US$8.48 million reported in 2022. Net profit attributable to shareholders for the year ended December 31, 2023, had a similar increase of 35% to reach US$11.34 million (2022: US$8.39 million).

Total comprehensive income for the year amounted to US$17.82 million, a 79% increase from the US$9.96 million reported in 2022.

Earnings per share (EPS) for the year amounted to US$0.06/J$9.49 (2022: US$0.05/J$6.93). The number of shares used in these calculations was 186,213,523.

Notably, PBS’s stock price closed the trading period on February 15, 2024, at a price of US$1.85 with a corresponding P/E ratio of 30.39x.

Balance Sheet Highlights:

The company’s assets totalled US$401.65 million; a 6% increase from the US$379.14 million booked in 2022. This was largely due to a 49% increase in taxation recoverable, followed by a 7% increase in trade and other receivables.

Shareholder’s equity was US$114.27 million (2022: US$104.87 million), representing a book value per share of US$0.61/J$95.69 (2022: US$0.56/J$86.56).

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