November 12, 2024
Productive Business Solutions Limited (PBS)
Unaudited financials for the nine months ended September 30, 2024:
Productive Business Solutions Limited (PBS) for the nine months ended September 30, 2024 reported a 24% increase in Revenue totaling US$288.39 million compared to US$232.99 million in the corresponding period last year. Revenue for the third quarter had a 67% increase to close at US$120.49 million compared to US$72.24 million for the comparable quarter of 2023.
Direct Expenses amounted to US$208.65 million (2023: US$159.03 million), this represents an increase of 31% year over year. Consequently, gross profit increased by 8% to US$79.75 million compared to US$73.96 million for the nine months ended September 30, 2023. The company booked gross profit of US$28.61 million for the third quarter versus US$24.96 million reported for the similar quarter of 2023.
Other Income decreased by 5% to close at US$2.25 million (2023: US$2.36 million), while Selling, General and Administrative Expenses increased by 11% from US$58.00 million in 2023 to US$64.31 million in the period under review. As a result, operating profit for the nine months ended September 30, 2024 amounted to US$17.69 million, a 3% decrease relative to US$18.32 million reported in 2023.
Finance Costs for the nine months ended September 30, 2024, amounted to US$12.20 million, a 19% increase relative to US$10.29 million reported in 2023. Finance Costs for the third quarter amounted to US $5.60 million (2023: US$3.46 million). Profit before Taxation totaled US$6.00 million, a 25% decrease from the corresponding period last year. (2023: US$8.03 million).
Taxation for the nine months ended September 30, 2024, amounted to US$2.77 million, a 11% increase relative to US$2.50 million reported in 2023. Taxation for the third quarter amounted to US$1.08 million (2023: US$747,000).
Net profit attributable to shareholders for the nine months ended September 30, 2024 had a 43% decrease to reach US$3.13 million (2023: US$5.47 million) . Total comprehensive income for the nine months amounted to US$2.74 million, a 67% decrease from the US$8.29 million reported in 2023. For the third quarter, Total comprehensive income was US$780,000 (2023: US$1.34 million).
Consequently, Earnings Per Share for the nine months amounted to US$0.02 (2023: EPS: US$0.03), while Earnings Per Share for the quarter totaled US$0.004 (2023: EPS: US$0.006). The twelve month trailing EPS was US$0.05 and the number of shares used in these calculations was 186,213,523.
Balance Sheet Highlights
The company’s assets totaled US$415.18 million (2023: US$384.74 million). The movement in total assets is mainly influenced by a 17% increase in ‘Trade and other receivables’ amounting to US$118.01 million (2023: US$100.76 million). Additionally, there was a 1671% increase in ‘Investments’ amounting to US$4.29 million (2023: US$ 242,000).
Shareholder’s equity was US$77.96 million (2023: US$109.68 million), representing a book value per share of US$0.42 (2023: US$0.59).
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