July 15, 2024
In United States dollars (except where it is indicated otherwise)
Proven Group Limited (PROVEN) for the year ended March 31, 2024, reported a 2% increase in Net Interest Income totaling US$17.71 million compared to US$17.37 million in the corresponding period last year. Net Interest Income for the fourth quarter experienced a 28% decline to close at US$4.40 million compared to US$6.09 million for the comparable quarter of 2023.
Operating revenue, net increased by 9% to US$50.22 million compared to US$45.97 million in 2023.
Net revenue was US$54.99 million, an increase of 11% when compared to the US$49.64 million recorded over the comparable period last year. PROVEN noted, “widening of spreads, mainly from the banking division and improved performance from our subsidiaries and associated companies within the Group drove the revenue expansion for the financial year.”
Operating Expenses fell by 10% from US$62.39 million in 2023 to US$56.05 million in the period under review. As a result, operating loss for the year amounted to US$1.06 million, relative to a loss of US$12.75 million reported in 2023.
Share of profit of associates was US$15.65 million relative to US$1.15 million a year prior. “This year’s results were primarily due to JMMB Group Limited’s performance for the financial year, which included an extraordinary gain from their share of Sagicor Financials’ results”, management highlighted.
Consequently, profit before taxation amounted to US$12.94 million, relative to a loss of US$11.60 million reported in 2023. Taxation credit totalled US$685,000 (2023: Taxation charge of US$1.10 million).
Net profit for the year totalled US$13.63 million (2023: Net loss of US$12.69 million). For the fourth quarter, the net loss was US$6.23 million (2023: Net loss of US$15.69 million.
Net profit attributable to shareholders for the year amounted to US$12.32 million, relative to a net loss of US$12.19 million reported in 2023. Net loss attributable to shareholders for the fourth quarter amounted to US$5.64 million (2023: Net loss of US$15.47 million).
Consequently, Earnings Per Share for the year amounted to US$0.02 (2023: LPS: US$0.02), while Loss Per Share for the quarter totaled US$0.01 (2023: LPS: US$0.02). The twelve-month trailing EPS was J$2.39 and the number of shares used in these calculations was 1,100,000,000.
Notably, PROVEN’s stock price closed the trading period on July 12, 2024, at a price of J$19.39 with a corresponding P/E ratio of 8.13x.
Balance Sheet Highlights
The company’s assets totalled US$1.10 billion (2023: US$1.03 billion). This resulted from a 92% increase in ‘trade and other assets’ closing at US$63.70 million.
Shareholder’s equity was US$108.55 million (2023: US$94.87 million), representing a book value per share of US$0.14/J$21.03 (2023: US$0.12/J$18.85).
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