June 2, 2025
Proven Group Limited (PROVEN)
Unaudited financials for the year ended March 31, 2025:
Expressed In United States dollars (except where it is indicated otherwise)
Proven Group Limited (PROVEN) for the year ended March 31, 2025, reported a 4% increase in Interest Income totaling US$39.80 million compared to US$38.40 million in the corresponding period last year. Interest Income for the fourth quarter had a 12% increase to close at US$10.36 million compared to US$9.24 million for the comparable quarter of 2024.
Interest Expense amounted to US$23.66 million (2024: 20.69 million), this represents a increase of 14% year over year. Consequently, net interest income decreased by 9% to US$16.14 million compared to US$17.71 million for the year ended March 31, 2024. The company booked net interest income of US$3.73 million for the fourth quarter versus US$4.40 million reported for the similar quarter of 2024.
Gross profit on manufacturing operations increased by 9% to close at US$18.41 million (2024: US$16.93 million), while Gross expense on property sales increased by 459% to close at US$1.08 million (2024: US$193,619). As a result, total operating revenue increased from US$54.86 million in 2024 to US$55.06 million in the period under review. For the quarter, operating revenue increased by 2% to US$12.04 million (2024: US$11.81 million).
Total operating expenses for the year ended March 31, 2025, amounted to US$53.87 million, a 4% decrease relative to US$55.92 million reported in 2024.
Operating Profit for the year ended March 31, 2025, amounted to US$1.19 million, relative to operating loss of US$1.06 million reported in 2024. Operating loss for the fourth quarter amounted to US$1.66 million (2024: Operating loss of US$2.59 million).
Share of Results of Associates totalled US$5.65 million a 64% decrease from the corresponding period last year. (2024: US$15.61 million). Notably, there was an extraordinary gain from JMMB Group’s share of profit of Sagicor Financial’s gain on the acquisition of ivar in 2024.
Profit before taxation totalled US$6.58 million a 49% decrease from the corresponding period last year. (2024: US$12.90 million).
Taxation Charge for the year ended March 31, 2025, amounted to US$1.22 million, relative to tax credit of US$685,000 reported in 2024. As such, Net Profit for the year ended March 31, 2025, had a 61% decrease to reach US$5.36 million (2024: US$13.59 million).
Net Profit Attributable to Shareholders for the year amounted to US$2.57 million, a 79% decrease from the US$12.28 million reported in 2024. For the fourth quarter, Net Profit Attributable to Shareholders was US$191,546 (2024: loss of US$5.36 million).
Consequently, Earnings Per Share for the year amounted to US$0.003 (2024: EPS: US$0.015), while Earnings Per Share for the quarter totaled US$0.0002 (2024: LPS: US$0.0067). The twelve-month trailing EPS was US$0.508 (J$0.51)and the number of shares used in these calculations was 801,732,000.
Notably, PROVEN’s stock price closed the trading period on May 30, 2025, at a price of $18.20 with a corresponding P/E ratio of 35.82x.
Balance Sheet Highlights
The company’s assets totalled US$1.11 billion (2024: US$1.10 billion). Proven highlighted, “This reflects significant portfolio reallocation rather than net growth. The 7.8% increase in our investment portfolio and 52.8% growth in property development in progress – driven by our Sol Harbour and Bahari projects – were substantially offset by a strategic deployment of cash reserves, which declined by US$74.2 million, and a US$10 million reduction in trade receivables. This asset mix shift reflects our active investment strategy and commitment to major development projects.”
Shareholder’s equity was US$107.57 million (2024: US$108.55 million), representing a book value per share of US$0.13 (2024: US$0.14).
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