August 17, 2023
In United States dollars (except where it is indicated otherwise)
Productive Business Solutions Limited (PBS) for the six months ended June 30, 2023 reported a 2% increase in Revenue totaling US$160.75 million compared to US$157.59 million in the corresponding period last year. Revenue for the second quarter had a 20% decrease to close at US$73.26 million compared to US$91.23 million for the comparable quarter of 2022.
Direct Expenses amounted to US$111.82 million (2022: US$110.68 million), this represents an increase of 1% year over year. Consequently, gross profit increased by 4% to US$48.93 million compared to US$46.91 million for the six months ended June 30, 2022. The company booked gross profit of US$25.74 million for the second quarter versus US$22.66 million reported for the similar quarter of 2022.
Other Income increased by 86% to close at US$1.37 million (2022: US$735,000), while Selling, General and Administrative Expenses increased by 7% from US$34.93 million in 2022 to US$37.32 million in the period under review. As a result, operating profit for the six months ended June 30, 2023 amounted to US$12.97 million, a 2% increase relative to US$12.71 million reported in 2022.
Finance Costs for the six months ended June 30, 2023, amounted to US$6.85 million, a 16% decrease relative to US$8.15 million reported in 2022. Finance Costs for the second quarter amounted to US$3.75 million (2022: US$4.33 million). Profit before Taxation totalled US$6.12 million a 34% increase from the corresponding period last year (2022: US$4.56 million).
Taxation for the six months ended June 30, 2023, amounted to US$1.75 million, a 21% decrease relative to US$2.20 million reported in 2022. Taxation for the second quarter amounted to US$693,000 (2022: US$1.38 million).
Net Profit from Continuing Operations for the six months ended June 30, 2023 had a 85% increase to reach US$4.37 million (2022: US$2.36 million) . Total comprehensive income for the six months amounted to US$7.01 million, a 790% increase from the US$788,000 reported in 2022. For the second quarter, Total comprehensive income was US$2.23 million (2022: US$935,000).
Consequently, Earnings Per Share for the six months amounted to US$0.02/J$3.58 (2022: EPS: US$0.01/J$1.89), while Earnings Per Share for the quarter totaled US$0.01/J$1.89 (2022: EPS: US$.009/J$1.89). The twelve month trailing EPS was US$0.056 and the number of shares used in these calculations was 186,213,523.
Notably, PBS’s stock price closed the trading period on August 16, 2023 at a price of US$1.80 with a corresponding P/E ratio of 32.28x.
Balance Sheet Highlights
The company’s assets totalled US$378.87 million (2022: US$362.67 million).
Shareholder’s equity was US$110.98 million (2022: US$84.07 million), representing a book value per share of US$0.60 (2022: US$0.45).
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