November 13, 2026
Productive Business Solutions Limited (PBS)
Unaudited financials for the nine months ended September 30, 2026:
Productive Business Solutions Limited (PBS) reported a 6% increase in revenue, totaling US$280.77 million, compared to US$264.18 million for the corresponding period in 2025. Revenue for the third quarter rose by 20% to US$96.08 million versus US$80.32 million for Q3 2025, driven by growth in the Technology business and the consolidation of Trinidad Systems Limited (TSL) from August.
Direct Expenses amounted to US$192.43 million (2025: US$174.64 million), a 10% year-over-year increase. Consequently, gross profit decreased by 1% to US$88.34 million, compared to US$89.54 million for the nine months ended September 30, 2025. Gross margin narrowed to 31.46% from 33.89%. For the third quarter, gross profit was US$28.31 million, up 1% from US$27.90 million, while quarterly gross margin fell to 29.46% from 34.74%, reflecting a shift toward lower-margin infrastructure and subscription revenue and investment in PBS Studio (AI).
Other Income rose by 36% to US$3.98 million (2025: US$2.92 million), while Selling, General and Administrative Expenses decreased by 1%, from US$71.12 million in 2025 to US$70.70 million in the period under review. As a result, operating profit for the nine months amounted to US$21.62 million, a 1% increase relative to US$21.34 million reported in 2025, with operating margin of 7.70% (2025: 8.08%). Third-quarter operating profit was US$6.03 million, 6% above US$5.72 million.
Finance Costs for the nine months totalled US$11.93 million, a 6% decrease compared to US$12.71 million in 2025, net of a US$1.08 million unrealized currency gain. For the third quarter, finance costs were US$4.93 million (2025: US$4.79 million).
Profit before Taxation amounted to US$10.34 million, a 14% increase from US$9.09 million in the corresponding period last year, after share of investee’s profit of US$0.66 million (2025: US$0.47 million). For the third quarter, profit before taxation was US$1.57 million (2025: US$1.09 million). Taxation for the nine months was US$4.95 million, a 32% increase relative to US$3.74 million in 2025, lifting the effective tax rate to 47.89% from 41.15%. For the third quarter, taxation was US$1.83 million (2025: US$289,000).
Net Profit for the nine months period was US$5.39 million (2025: US$5.35 million). Net profit attributable to shareholders for the nine months decreased by 1% to US$5.24 million (2025: US$5.27 million), with non-controlling interest taking US$0.15 million (2025: US$0.08 million). For the third quarter, the Company recorded a loss attributable to shareholders of US$314,000 against a profit of US$755,000 in Q3 2025. Total comprehensive income for the nine months amounted to US$6.34 million, a 3% increase from US$6.17 million. For the third quarter, total comprehensive loss was US$472,000 (2025: income of US$854,000).
Consequently, Earnings Per Share for the nine months amounted to US$0.0279 (2025: EPS: US$0.0283), while Earnings Per Share for the quarter was a loss of US$0.0016 (2025: EPS of US$0.0041). The twelve-month trailing EPS was US$0.0246, and the number of shares used in these calculations was 186,213,523. Notably, PBS’s stock price closed the trading period on November 13, 2026 at a price of US$0.95 with a corresponding P/E ratio of 41.61x.
Balance Sheet Highlights
The company’s assets totaled US$435.81 million (2025: US$382.86 million). The 14% increase was primarily attributable to a 29% increase in Trade and other receivables amounting to US$130.21 million (2025: US$100.67 million), a 24% increase in Inventories to US$51.98 million (2025: US$42.08 million), and a rise in Long term receivables to US$12.97 million (2025: US$0.71 million). Cash and cash equivalents rose 44% to US$27.46 million (2025: US$19.02 million). Total borrowings were US$196.53 million (December 2025: US$185.49 million), with net debt of US$169.06 million.
Shareholders’ equity attributable to the parent was US$81.62 million (2025: US$80.36 million), representing a book value per share of US$0.44 (2025: US$0.43).
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