August 3, 2023
In United States dollars (except where it is indicated otherwise)
Proven Group Limited (PROVEN) for the year ended March 31, 2023, reported a 242% increase in Net Interest Income totaling US$17.37 million compared to US$5.08 million in the corresponding period last year. Net Interest Income for the fourth quarter had an 185% increase to close at US$6.09 million compared to US$2.14 million for the comparable quarter of 2022.
Gross profit on manufacturing operations amounted to US$9.97 million (2022: US$8.53 million), this represents an increase of 17% year over year. Gross profit on property sales amounted to US$2.03 million relative to a loss of US$34,000 in the prior year.
Consequently, Net operating revenue increased by 28% to US$49.64 million compared to US$38.73 million for the year ended March 31, 2022. The company booked net operating revenue of US$18.01 million for the fourth quarter versus US$13.39 million reported for the similar quarter of 2022.
Operating Expenses increased by 77% from US$35.31 million in 2022 to US$62.39 million in the period under review. As a result, operating loss for the year ended March 31, 2023, amounted to US$12.75 million, relative to an operating profit of US$3.42 million reported in 2022.
Loss before taxation for the year ended March 31, 2023, amounted to US$4.27 million, relative to profit before taxation of US$16.08 million reported in 2022. Loss before taxation for the fourth quarter amounted to US$8.57 million (Profit before taxation 2022: US$2.78 million).
Taxation charge totalled US$1.10 million, a 6% decrease from the corresponding period last year. (2022: US$1.17 million). Net Loss totalled US$5.36 million compared to a net profit of US$14.91 million in 2022.
Net Loss Attributable to Shareholders for the year ended March 31, 2023, amounted to US$4.86 million, relative to a net profit attributable to shareholders of US$11.97 million reported in 2022. Net Loss Attributable to Shareholders for the fourth quarter amounted to US$8.14 million (Net profit attributable to shareholders 2022: US$1.88 million).
Consequently, Loss Per Share for the year amounted to US$0.0061 (2022: EPS: US$0.0158), while Loss Per Share for the quarter totaled US$0.01 (2022: EPS: US$0.003). The twelve-month trailing LPS was US$0.0061, and the number of shares used in these calculations was 801,732,000.
Notably, PROVEN JMD and PROVEN USD’s stock price last traded on August 3, 2023, at a price of J$22.50 and US$0.15, respectively.
Balance Sheet Highlights
The company’s assets totalled US$1.06 billion (2022: US$1.14 billion). This decline was due mainly to a US$141.35 million decline in cash and cash equivalents.
Shareholder’s equity was US$131.63 million (2022: US$141.06 million), representing a book value per share of US$0.17 (2022: US$0.19).
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