June 1, 2024
Blue Power Group Limited(BPOW)
Audited financials for the twelve months ended April 30, 2024:
Blue Power Group Limited (BPOW), for the twelve months ended April 30, 2024, reported a 3% decrease in revenue totaling $846.64 million compared to $871.32 million in the corresponding period last year.
Cost Of Sales amounted to $515.54 million (2023: $661.58 million), a decrease of 22% year over year. Consequently, Gross Profit increased by 58% to $331.10 million compared to $209.74 million for the twelve months ended April 30, 2023.
Impairment gains on trade receivables closed at $2.38 million (2023: Impairment loss of $857,947), while Administrative and Other Expenses increased by 11% from $178.13 million in 2023 to $198.20 million in the period under review. As a result, profit from operations for the twelve months ended April 30, 2024, amounted to $152.36 million, a 205% increase relative to $49.93 million reported in 2023.
Other income for the twelve months ended April 30, 2024, amounted to $17.20 million, a 15% decrease relative to $20.14 million reported in 2023. Finance income totaled $35.71 million, an 85% increase from last year’s corresponding period. (2023: $19.31 million).
Finance costs for the twelve months ended April 30, 2024, amounted to $3.77 million, a 48% decrease relative to the $7.25 million reported in 2023.
Profit before Taxation for the twelve months ended April 30, 2024, increased 140% to $207.51 million (2023: $86.36 million). Taxation amounted to $34.25 million, a 592% increase from the $4.95 million reported in 2023. Net profit increased by 113% to $173.26 million (2023: $81.41 million).
Comprehensive income for the period totaled $173.26 million, relative to the $81.41 million reported twelve prior. Consequently, Earnings Per Share for the twelve months amounted to $0.31 (2023: EPS: $0.14). The number of shares used in these calculations was 564,990,000.
Notably, BPOW’s stock price closed the trading period on June 28, 2024, at $3.96, with a corresponding P/E ratio of 12.91x.
Balance Sheet Highlights
The company’s assets totaled $1.73 billion (2023: $1.61 billion). The rise in assets can be ascribed to the company’s astronomical rise in “Cash and cash equivalents,” which represented a 235% year-over-year increase, closing the company fiscal year end at $309.25 million (2023: $92.35 million), “Interest in the associated company” which closed the company fiscal year at $387.78 million (2023: $372.94 million), a 4% year over year increase, and the “Investment’ account also risen by 2% year over year, ending the fiscal year at $244.03 million (2023: $238.99 million).
Shareholder’s equity was $1.65 billion (2023: $1.50 billion), representing a book value per share of $2.92 (2023: $2.65) and a 10% year-over-year increase, which is attributed to a rise in the Retained Earnings account.
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