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).
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