August 15, 2024
Productive Business Solutions Limited (PBS)
Unaudited financials for the six months ended June 30, 2024:
Productive Business Solutions Limited (PBS) for the six months ended June 30, 2024, reported a 4% increase in Revenue totaling US$167.90 million compared to US$160.75 million in the corresponding period last year. Revenue for the second quarter had a 39% increase to close at US $102.00 million compared to US$73.26 million for the comparable quarter of 2023.
Direct Expenses amounted to US$116.76 million (2023: $111.82 million), this represents an increase of 4% year over year. Consequently, gross profit increased by 5% to US$51.14 million compared to US$48.93 million for the six months ended June 30, 2023. The company booked gross profit of US$27.75 million for the second quarter versus US$25.74 million reported for the similar quarter of 2023.
Other Income decreased by 37% to close at US$859,000 (2023: US$1.37 million), while Selling, General and Administrative Expenses increased by 11% from US$37.32 million in 2023 to US$41.25 million in the period under review. As a result, operating profit for the six months ended June 30, 2024, amounted to US$10.75 million, a 17% decrease relative to US$12.97 million reported in 2023.
Finance Costs for the six months ended June 30, 2024, amounted to US$6.60 million, a 4% decline relative to US$6.85 million reported in 2023. Finance Costs for the second quarter amounted to $3.65 million (2023: US$3.75 million). Profit before Taxation totalled US$4.15 million a 32% decrease from the corresponding period last year. (2023: US$6.12 million).
Taxation for the six months ended June 30, 2024, amounted to US$1.70 million, a 3% decrease relative to US$1.75 million reported in 2023. Taxation for the second quarter amounted to $1.02 million (2023: US$693,000).
Net profit attributable to shareholders for the six months ended June 30, 2024, had a 45% decrease to reach US$2.36 million (2023: US$4.32 million). Total comprehensive income for the six months amounted to US$1.96 million, a 72% decrease from the US$7.01 million reported in 2023. For the second quarter, Total comprehensive income was US$1.69 million (2023: US$2.23 million).
Consequently, Earnings Per Share for the six months amounted to US$0.013 (2023: EPS: US$0.023), while Earnings Per Share for the quarter totaled US$0.010 (2023: EPS: US$0.014). 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 August 14, 2024, at a price of US$1.45 with a corresponding P/E ratio of 28.78x.
Balance Sheet Highlights
The company’s assets totalled US$399.20 million (2023: US$363.65 million). This increase was attributable to ‘Investments’ which amounted to $6.31 million for the period under review (2023: $243,000). Additionally, ‘Cash and Cash Equivalents’ also contributed to the increase amounting to $34.51 million for the period under review (2023: $22.78 million).
Shareholder’s equity was US$97.32 million (2023: US$95.71 million), representing a book value per share of US$0.52 (2023: US$0.51).
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