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).

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