tTech reports 48% increase in year end profits

Date: February 28, 2019

tTech Limited (tTech) for the twelve months ended December 31, 2018; booked a 31% increase in revenues to $283.92 million compared to $217.25 million for the prior financial year.

Cost of sales rose significantly by 125% to $63.09 million from the $28.08 million reported in December 2017. As such gross profit from increased 17% for the year to $220.84 million (2017: $189.17 million).

Other Income and gains totaled 2.73 million for the year relative to a loss of $2.63 million in 2017, while administrative expenses rose 11% year over year to $165.86million (2017: $149.87 million). Other operating expenses for the year reflected a 59% growth year over year to $32.19 million compared to $20.20 million recorded in 2017.

Operating profit for the period totaled $25.52 million, 55% more than the $16.46 million booked in 2017.

Consequently, Profit before Taxation increased by 48% from $18.65 million in 2017 to $27.54 million. No Taxes were recorded for the period, thus Net Profit for the year amounted to $27.54 million versus $18.65 million booked in 2017. Net loss for the quarter totaled $1.14 million relative to a profit of $578,000 in 2017.

The earnings per share (EPS) for the year amounted to $0.26 compared to $0.18 reported in 2017, while loss per share for the quarter totaled $0.01 relative to an EPS of $0.01 for 2017. The number of shares used in our calculations is 106,000,000 units. The company’s stock price closed the trading period on February 28, 2019 at $5.50.

Balance Sheet Highlights:

As at December 31, 2018, the Company reported total assets of $250.26 million, a 20% increase when compared to $208.77 million in 2017. This was as a result of a 72% increase in Accounts Receivable  to amount to $51.39 million (2017: $29.80 million).

Shareholders’ Equity as at December 31, 2018 was $198.88 million compared to $178.38 million for the comparable period of 2017. This resulted in a book value per share of $1.88 compared to $1.68 the prior year.


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