August 11, 2022
Productive Business Solutions Limited (PBS) for the six months ended June 30, 2022 reported a 53% increase in revenues from US$103.06 million for the 2021 period to US$157.59 million in 2022. For the quarter, revenues increased 70% to total US$91.23 million relative to US$53.72 million the prior corresponding quarter.
Direct expenses increased 52% to close the period at US$110.68 million when compared to US$72.68 million for the same period of 2021. As such, gross profit for the six months increased 54% to US$46.91 million (2021: US$30.38 million). As for the quarter, gross profit amounted to US$22.66 million (2021: US$14.77 million).
Other income rose 85% to close at US$735,000 relative to US$398,000 in 2021. While, for the quarter, other income closed at US$319,000 (2021: US$308,000).
Selling, general and administrative expenses amounted to US$34.93 million (2021: US$26.81 million), an increase of 30%.
As such, operating profit grew 220% for the period to total US$12.71 million relative to the US$3.97 million in 2021. Operating profit for the quarter totalled US$7.42 million, an 320% increase on the US$1.77 million reported in 2021.
Finance costs increased 133% to total US$8.15 million relative to US$3.50 million in 2021. As such, profit before taxation amounted to US$4.56 million relative to the US$472,000 in 2021. For the quarter, profit before taxation closed at US$3.09 million (2021: US$53,000)
After taxation of US$2.20 million (2021: US$1.16 million), the Company reported a net profit of US$2.36 million relative to a loss of US$684,000 in 2021. Net profit for the quarter amounted to US$1.71 million compared to a loss of US$538,000 in the corresponding quarter of 2021. Total comprehensive loss for the period was US$788,000 relative to the loss of US$978,000 reported the prior year.
For the six months ended June 2022, net profit attributable to shareholders amounted to US$2.32 million relative to a loss of US$726,000 in 2021. While for the quarter, net profit attributable to shareholders totalled US$1.68 million compared to a loss of US$580,000 booked twelve months prior.
For the period, the Company reported earnings per share (EPS) of US$0.0125 (2021: LPS of US$0.0039). The EPS for the quarter amounted to US$0.009 (2021: LPS of US$0.0031). The twelve-months trailing EPS was US$0.046. The total number of shares employed in our calculations amounted to 186,213,523 units. The stock price closed trading on August 10, 2022 at US$1.00 with a corresponding P/E Ratio of 21.72 times.
Balance Sheet at a glance:
As at June 30, 2022, PBS had total assets totalling US$362.67 million (2021: US$186.26 million) which represents an increase of 95%. This movement was mainly attributed to the 431% growth in ‘Intangible Assets’ to close at US$103.28 million (2021: US$19.46 million).
Shareholders Equity amounted to US$84.07 million (2021: US$31.74 million) with a book value per share of US$0.45 (2021:US$0.17).
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