June 13, 2024
Productive Business Solutions Limited (PBS)
Unaudited financials for the first quarter ended March 31, 2024:
Productive Business Solutions Limited (PBS) for the first quarter ended March 31, 2024, reported a 25% decrease in revenue totalling US$65.90 million compared to US$87.49 million in the corresponding three months last year.
Direct Expenses amounted to US$42.48 million (2023: US $64.30 million), this represents a decrease of 34% year over year. Consequently, gross profit increased by 1% to US$23.42 million compared to US$23.19 million for the first quarter ended March 31, 2023.
Other Income decreased by 29% to close at US $440,000 (2023: US $622,000), while Selling, General and Administrative Expenses increased by 11% from US$17.93 million in 2023 to US$19.84 million for the three months. As a result, Operating Profit for the first quarter amounted to US$4.02 million, a 32% decrease relative to US$5.89 million reported in 2023.
Finance Costs for the three months amounted to US$2.95 million, a 5% decrease relative to US$3.10 million reported in 2023. Profit before Taxation totalled US$1.07 million, a 61% decrease from the corresponding period last year. (2023: US$2.79 million).
Taxation for the first quarter ended March 31, 2024, amounted to US$675,000, a 36% decrease relative to US$1.06 million reported in 2023.
Net Profit from Continuing Operations for the first three months amounted to US$398,000 a 77% reduction from the US$1.73 million reported in 2023. In addition, total comprehensive income for the three months amounted to US$1.80 million, a 62% decrease from the US$4.78 million reported in 2023.
Consequently, Earnings Per Share for the three months amounted to US$0.002 (2023: EPS: US$0.01). The twelve-month trailing EPS was US$0.05, and the number of shares used in these calculations was 186,213,523. Notably, PBS’s stock price closed the trading period on June 12, 2024, at a price of US$1.28 with a corresponding P/E ratio of 23.82x.
Balance Sheet Highlights
The company’s assets totalled US$384.50 million (2023: US$364.18 million). This increase was attributable to Investments which equated to US$5.90 million relative to US$246,000 reported in 2023. Additionally, Trade and Other Receivables also contributed to the increase in assets amounting to US$103.74 million for the first quarter ended March 31, 2024 (2023: US$98.98 million).
Shareholder’s equity was US$98.68 million (2023: US$94.41 million), representing a book value per share of US$0.53 (2023: US$0.51).
Disclaimer:
Analyst Certification – The views expressed in this research report accurately reflect the personal views of Mayberry Investments Limited Research Department about those issuer (s) or securities as at the date of this report. Each research analyst (s) also certify that no part of their compensation was, is, or will be, directly or indirectly, related to the specific recommendation(s) or view (s) expressed by that research analyst in this research report.
Company Disclosure – The information contained herein has been obtained from sources believed to be reliable, however its accuracy and completeness cannot be guaranteed. You are hereby notified that any disclosure, copying, distribution or taking any action in reliance on the contents of this information is strictly prohibited and may be unlawful. Mayberry may effect transactions or have positions in securities mentioned herein. In addition, employees of Mayberry may have positions and effect transactions in the securities mentioned herein.