February 15, 2024
Expressed in United States dollars unless otherwise stated:
Proven Group Limited (PROVEN) for the nine months ended December 31, 2023, reported an 18% increase in Net Interest Income totaling US$13.31 million compared to US$11.28 million in the corresponding period last year. Net Interest Income for the third quarter experienced a 13% decline to close at US$4.15 million compared to US$4.75 million for the comparable quarter of 2022. Management noted, “The uptrend in global interest rates in the first two quarters of the financial year, coupled with growth in the core credit portfolio have jointly contributed to widening spread income across the banking subsidiaries of the Group.”
For the nine-month period, gross revenue on manufacturing operations amounted to US$57.11 million (2022: US$55.97 million), this represents an increase of 2% year over year. Gross revenue on property sales valued US$5.92 million compared to US$31.31 million in 2022.
Net Revenue increased by 18% to close at US$50.83 million (2022: US$42.91 million), while Total Operating Expenses increased by 8% from US$45.18 million in 2022 to US$48.98 million in the period under review. As a result, other operating income for the nine months ended December 31, 2023, amounted to US$1.85 million relative to a loss of US$2.27 million reported in 2022.
Profit before taxation for the nine months ended December 31, 2023, amounted to US$20.09 million, a 367% increase relative to US$4.30 million reported in 2022. Profit before taxation for the third quarter amounted to US$15.14 million (2022: US$1.52 million).
Taxation totalled US$240,687, an 81% decrease from the corresponding period last year. (2022: US$1.30 million) while Net Profit totalled US$19.85 million, a 561% increase from the corresponding period last year. (2022: US$3.00 million)
Net Profit Attributable to Shareholders for the nine months ended December 31, 2023, amounted to US$17.95 million, a 447% increase relative to US$3.28 million reported in 2022. Net Profit Attributable to Shareholders for the third quarter amounted to US$14.24 million (2022: US$1.57 million).
Consequently, Earnings Per Share for the nine months amounted to J$3.69 (2022: EPS: J$0.66), while Earnings Per Share for the quarter totaled J$2.92 (2022: EPS: J$0.32). The twelve-month trailing EPS was J$1.89 and the number of shares used in these calculations was 1,100,000,000.
Notably, PROVEN’s stock price closed the trading period on February 13, 2024, at a price of J$22.75 with a corresponding P/E ratio of 12.03x.
Balance Sheet Highlights
The company’s assets totalled US$1.08 billion (2022: US$1.09 billion). The decline resulted from a 21% fall in ‘Cash & cash equivalents’ closing at US$135.06 million.
Shareholder’s equity was US$156.12 million (2022: US$140.07 million), representing a book value per share of J$32.06 (2022: J$28.09).
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