November 15, 2024
tTech Limited(tTech)
Unaudited financials for the nine months ended September 30, 2024:
tTech Limited (tTech) for the nine months ended September 30, 2024 reported a 5% decrease in Trade & other receivables totaling $336.19 million compared to $354.03 million in the corresponding period last year. Trade & other receivables for the third quarter had a 1% decrease to close at $116.29 million compared to $117.74 million for the comparable quarter of 2023.
Cost of Sales amounted to $203.08 million (2023: $199.86 million), this represents an increase of 2% year over year. Consequently, gross profit decreased by 14% to $133.11 million compared to $154.17 million for the nine months ended September 30, 2023. The company booked gross profit of $43.60 million for the third quarter versus $51.02 million reported for the similar quarter of 2023.
Administrative expenses increased by 12% to close at $133.68 million (2023: $119.13 million), while Other Operating expenses decreased by 59% from $15.60 million in 2023 to $6.47 million in the period under review. As a result, operating loss for the nine months ended September 30, 2024 amounted to $231,000, relative to operating profit of $21.33 million reported in 2023.
Finance cost for the nine months ended September 30, 2024, amounted to $1.30 million, a 10% decrease relative to $1.45 million reported in 2023. Finance cost for the third quarter amounted to $420,000 (2023: $473,000). Finance income totalled $1.68 million, a 37% decrease from the corresponding period last year. (2023: $2.66 million).
Profit before Taxation for the nine months ended September 30, 2024, amounted to $143,000, a 99% decrease relative to $21.21 million reported in 2023. Profit before Taxation for the third quarter amounted to loss of $5.90 million (2023: loss before taxation of $6.68 million).
Taxation for the nine months ended September 30, 2024 had a 94% decrease to reach $217,000 (2023: $3.94 million). Net loss for the nine months amounted to loss of $74,000, a 100% decrease from the $17.27 million reported in 2023. For the third quarter, Net loss of $5.90 million (2023: net profit of $5.46 million).
Consequently, Loss Per Share for the nine months amounted to $0.001 (2023: EPS: $0.16), while Loss Per Share for the quarter totaled $0.06 (2023: EPS: $0.05). The twelve-month trailing EPS was $0.03 and the number of shares used in these calculations was 106,000,000.
Notably, tTech’s stock price closed the trading period on November 15, 2024 at a price of $2.30 with a corresponding P/E ratio of 76.76x.
Balance Sheet Highlights
The company’s assets totalled $357.41 million (2023: $328.84 million). The overall growth in the company’s total asset base is primarily due to a 60% year-over-year increase in “Trade & other receivables,” which reached $139.49 million at the end of the quarter (up from $108.34 million in 2023), a 76% year-over-year rise in “Inventory,” which closed at $5.69 million (compared to $3.24 million in 2023), and a 30% year-over-year increase in “Contract Assets,” which ended the period at $42.66 million (up from $32.77 million in 2023).
Shareholder’s equity was $234.31 million (2023: $237.56 million), representing a book value per share of $2.21 (2023: $2.24).
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