March 1, 2024
tTech Limited (tTech) for the twelve months ended December 31, 2023, reported a 24% increase in Revenue totalling $463.48 million compared to $374.22 million in the corresponding period last year. Revenue for the fourth quarter had a 20% increase to close at $109.45 million compared to $90.88 million for the comparable quarter of 2022.
Cost of Sales amounted to $259.56 million (2022: $226.23 million), this represents an increase of 15% year over year. Consequently, gross profit increased by 38% to $203.93 million compared to $148.00 million for the twelve months ended December 31, 2022. The company booked gross profit of $49.76 million for the fourth quarter versus $42.83 million reported for the similar quarter of 2022.
Administrative expenses increased by 11% to close at $160.07 million (2022: $144.70 million), while Other Operating expenses increased by 10% from $26.68 million in 2022 to $29.22 million in the period under review. As a result, operating profit for the twelve months ended December 31, 2023 amounted to $18.94 million, relative to operating loss of $24.69 million reported in 2022.
Finance cost for the twelve months ended December 31, 2023, amounted to $1.91 million, a 9% decrease relative to $2.09 million reported in 2022.
Finance income totalled $3.53 million a 31% increase from the corresponding period last year. (2022: $2.69 million).
Profit before Taxation for the twelve months ended December 31, 2023, amounted to $20.56 million, relative to loss before taxation of $24.09 million reported in 2022.
Taxation for the twelve months ended December 31, 2023, amounted to $44,000 (2022: Tax credit of $1.22 million). As such, Net Profit for the twelve months amounted to $20.52 million, up from net loss of $22.87 million reported in 2022. For the fourth quarter, Net Profit was $3.25 million (2022: Net loss of $16.62 million).
Consequently, Earnings Per Share for the twelve months amounted to $0.19 (2022: LPS: $0.22), while Earnings Per Share for the quarter totaled $0.03 (2022: LPS: $0.16). The number of shares used in these calculations was 106,000,000.
Notably, tTech’s stock price closed the trading period on February 29, 2024 at a price of $2.49 with a corresponding P/E ratio of 12.86x.
Balance Sheet Highlights
The company’s assets totalled $320.66 million (2022: $288.24 million). The growth in total assets was primarily driven by a 20% uptick in ‘Trade & other receivables’ to $109.31 million (2022: $91.30 million). ‘Government securities purchased under resale agreements’ increased 18% to $85.95 million (2022: $72.79 million).
Shareholder’s equity was $239.48 million (2022: $218.96 million), representing a book value per share of $2.26 (2022: $2.07).
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