August 16, 2024
In United States dollars (except where it is indicated otherwise)
Proven Group Limited (PROVEN) for the first quarter ended June 30, 2024 reported a 9% decrease in net interest income totaling US$4.53 million compared to US$4.96 million in the corresponding three months last year.
Gross revenue on manufacturing operations amounted to US$18.42 million (2023: US$20.13 million), this represents a decrease of 8% year over year. Fees & commission income closed at US$2.84 million compared to last year’s US$2.77 million. Foreign exchange translation gain for the quarter amounted to US$0.56 million, fown from US$0.65 million for the same quarter in 2023. Other income inched up to close the three months at US$0.74 million versus US$0.61 million recorded last year.
Net Revenue decrease by 1% to close at US$14.78 million (2023: US$14.90 million), while Total Operating Expenses increase by 9% from US$12.92 million in 2023 to US$14.02 million for the three months. As a result, operating profit for the first quarter amounted to US$757,995, a 62% decrease relative to US$1.98 million reported in 2023.
The company recorded a loss from share of results totalling US$1.82 million in contrast to a profit of US$3.38 million booked twelve months earlier.
Profit before taxation for the three months amounted to US$-1.07 million, a 122% decrease relative to US$4.66 million reported in 2023.
Net loss for the first quarter ended June 30, 2024, amounted to US$1.37 million, relative to a profit of US$4.61 million reported in 2023.
Net loss attributable to shareholders for the three months amonted to US$1.83 million versus a profit of US$3.88 million documented in 2023 .
Consequently, Loss Per Share for the three months amounted to US$0.0024 (2023: EPS: US$0.0051).
The twelve-month trailing EPS was US$0.0082, and the number of shares used in these calculations was 801,732,000. Notably, PROVEN’s stock price closed the trading period on August 13, 2024, at a price of US$.1072 with a corresponding P/E ratio of 12.73x.
Balance Sheet Highlights
The company’s assets totaled US$1.08 billion (2023: US$1.02 billion), as investment property and other receivables recorded year over year growth.
Shareholder’s equity was US$102.50 million (2023: US$103.29 million), representing a book value per share of U$0.13 (2023: US$0.17).
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