August 16, 2023
Proven Group Limited (PROVEN) for the first quarter ended June 30, 2023, reported an 82% increase in net interest income totalling US$4.96 million compared to US$2.72 million in the corresponding quarter last year.
Gross profit on manufacturing operations amounted to US$7.13 million (2022: US$5.86 million), this represents an increase of 22% year over year.
Gross profit on property sales amounted to US$378,158 relative to US$2.28 million recorded a year prior.
Other income totalled US$5.27 million, a 24% increase over the US$4.26 million booked a year prior.
Operating Revenue increased by 17% to close at US$17.74 million (2022: US$15.12 million), while Total Operating Expenses increased by 8% from US$14.53 million in 2022 to US$15.71 million for the quarter. As a result, operating profit for the first quarter amounted to US$2.03 million, a 242% increase relative to US$593,513 reported in 2022.
Profit before taxation for the quarter amounted to US$3.71 million, a 19% increase relative to US$3.12 million reported in 2022.
Taxation Charge totalled US$164,015 an 82% decrease from the corresponding period last year (2022: US$929,035) while Net Profit for the first quarter ended June 30, 2023, amounted to US$3.55 million, a 62% increase relative to US$2.19 million reported in 2022.
Net Profit Attributable to Shareholders for the quarter had a 60% increase to reach US$2.78 million (2022: US$1.74 million).
Consequently, Earnings Per Share for the quarter amounted to US$0.004 (2022: EPS: US$0.002). The twelve-month trailing LPS was US$0.005, and the number of shares used in these calculations was 801,732,000. Notably, PROVEN’s stock price closed the trading period on August 16, 2023, at a price of $22.61.
Balance Sheet Highlights
The company’s assets totalled US$1.04 billion (2022: US$1.12 billion). The decline in assets resulted from a US$65.57 million decline in Cash and cash equivalents to a total of US$153.91 million.
Shareholder’s equity was US$132.75 million (2022: US$126.15 million), representing a book value per share of US$0.17 (2022: US$0.17).
Disclaimer:
Analyst Certification -The views expressed in this research report accurately reflect the personal views of Mayberry Investments Limited Research Department about those issuer (s) or securities as at the date of this report. Each research analyst (s) also certify that no part of their compensation was, is, or will be, directly or indirectly, related to the specific recommendation (s) or view (s) expressed by that research analyst in this research report.
Company Disclosure -The information contained herein has been obtained from sources believed to be reliable, however its accuracy and completeness cannot be guaranteed. You are hereby notified that any disclosure, copying, distribution or taking any action in reliance on the contents of this information is strictly prohibited and may be unlawful. Mayberry may effect transactions or have positions in securities mentioned herein. In addition, employees of Mayberry may have positions and effect transactions in the securities mentioned herein.
