November 15, 2023

Proven Group Limited (PROVEN) for the six months ended September 30, 2023, reported a 40% increase in Net Interest Income totaling US$9.16 million compared to US$6.53 million in the corresponding period last year. Net Interest Income for the second quarter had a 10% increase to close at US$4.20 million compared to US$3.81 million for the comparable quarter of 2022.

Net Revenue increased by 23% to close at US$34.93 million (2022: US$28.32 million), while Total Operating Expenses increased by 7% from US$30.67 million in 2022 to US$32.70 million in the period under review. As a result, operating profit for the six months ended September 30, 2023, amounted to US$2.22 million, relative to a loss of US$2.35 million reported in 2022.

Profit before taxation for the six months ended September 30, 2023, amounted to US$4.95 million, a 78% increase relative to US$2.78 million reported in 2022. Profit before taxation for the second quarter amounted to US$129,626 (2022: Loss of US$343,513).

Taxation charge totalled US$116,928 a 90% decrease from the corresponding period last year. (2022: US$1.18 million) while Net Profit totalled US$4.83 million, a 202% increase from the corresponding period last year. (2022: US$1.60 million)

Net Profit Attributable to Shareholders for the six months ended September 30, 2023, amounted to US$3.71 million, a 117% increase relative to US$1.71 million reported in 2022. Net loss Attributable to Shareholders for the second quarter amounted to US$170,453 (2022: Loss of US$33,860).

Consequently, Earnings Per Share for the six months amounted to US$0.005 (2022: EPS: US$0.002), while Loss Per Share for the quarter totaled US$0.0002 (2022: LPS: US$0.000). The twelve-month trailing LPS was US$0.0036, and the number of shares used in these calculations was 801,732,000.

Notably, PROVEN’s stock price closed the trading period on November 15, 2023, at a price of $22.75.

Balance Sheet Highlights

The company’s assets totalled US$1.06 billion (2022: US$1.08 billion). The decline resulted from an 11% decline in ‘cash and cash equivalents’ closing at US$151.90 million.

Shareholder’s equity was US$133.05 million (2022: US$123.47 million), representing a book value per share of US$0.17 (2022: US$0.16).

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