November 17, 2025
Productive Business Solutions Limited(PBS)
Unaudited financials for the nine months ended September 30, 2025:
Productive Business Solutions Limited (PBS) reported an 8% decrease in revenue, totaling US$264.18 million, compared to US$288.39 million for the corresponding period in 2024. Revenue for the third quarter declined by 33%, closing at US$80.32 million versus US$120.49 million for Q3 2024.
Direct Expenses amounted to US$174.64 million (2024: US$208.65 million), representing a 16% year-over-year decrease. Consequently, gross profit increased by 12% to US$89.54 million, compared to US$79.75 million for the nine months ended September 30, 2024. For the third quarter, gross profit was US$27.90 million, slightly down from US$28.61 million reported for the same quarter in 2024.
Other Income rose by 30%, closing at US$2.92 million (2024: US$2.25 million), while Selling, General and Administrative Expenses increased by 11%, moving from US$64.31 million in 2024 to US$71.12 million in the period under review. As a result, operating profit for the nine months ended September 30, 2025, amounted to US$21.34 million, a 21% increase relative to US$17.69 million reported in 2024.
Finance Costs for the nine months ended September 30, 2025, totalled US$12.71 million, a 4% decrease compared to US$12.20 million in 2024. For the third quarter, finance costs were US$4.79 million (2024: US$5.60 million).
Profit before Taxation amounted to US$9.09 million, a 52% increase from US$6.00 million in the corresponding period last year. Taxation for the nine months ended September 30, 2025, was US$3.74 million, a 35% decrease relative to US$2.77 million in 2024. For the third quarter, taxation was US$289,000 (2024: US$1.08 million).
Net profit attributable to shareholders for the nine months ended September 30, 2025, increased by 68% to US$5.27 million (2024: US$3.13 million). Total comprehensive income for the nine months amounted to US$6.17 million, a 125% increase from US$2.74 million reported in 2024. For the third quarter, total comprehensive income was US$854,000 (2024: US$780,000).
Consequently, Earnings Per Share for the nine months amounted to US$0.028 (2024: EPS: $0.017), while Earnings Per Share for the quarter totaled US$0.00405 (2024: EPS: US$0.00412). The twelve-month trailing EPS was US$0.052 and the number of shares used in these calculations was 186,213,523.
Notably, PBS’s stock price closed the trading period on November 14, 2025 at a price of US $0.74 with a corresponding P/E ratio of 14.33x.
Balance Sheet Highlights
The company’s assets totaled US$382.86 million (2024: US$415.18 million). The movement in total assets was mainly influenced by a 15% decrease in Trade and other receivables amounting to US$100.67 million (2024: US$ 118.01 million) and a 38% decline in Cash and cash equivalents amounting to US$19.02 million (2024: US$ 30.70 million).
Shareholders’ equity was US$80.36 million (2024: US$77.96 million), representing a book value per share of US$0.42 (2024: US$0.43).
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.