August 17, 2026

PROVEN Group Limited (PROVEN)

Unaudited financials for the year ended March 31, 2026:

PROVEN Group Limited (PROVEN) for the year ended March 31, 2026, reported a marginal increase in Interest Income totalling US$40.33 million compared to US$39.64 million for the year ended March 31, 2025, an increase of 2%.

Interest Expense declined by 5% to US$8.54 million (2025: US$8.97 million). Consequently, Net Interest Income improved by 4% to close at US$31.79 million relative to US$30.68 million booked in the prior year, reflecting growth in the banking and investment portfolios and a gradual easing of funding costs in the latter half of the financial year.

Gross profit on manufacturing operations declined 11% to US$16.51 million (2025: US$18.46 million), as manufacturing revenue fell 13% to US$58.23 million (2025: US$66.87 million) amid softer demand conditions at Roberts Manufacturing and Pinnacle Feeds.

Gross profit on property sales rebounded to US$3.43 million relative to a loss of US$962,749 in 2025. Property sales more than doubled, rising 180% to US$28.59 million (2025: US$10.19 million) as revenue recognition commenced on the Group’s development pipeline, while property expenses climbed 126% to US$25.16 million (2025: US$11.16 million).

Other Income closed the year at US$22.56 million, a 4% uptick relative to US$21.77 million reported in 2025. Within this:

• Fees & commissions fell 16% to US$8.91 million (2025: US$10.57 million), reflecting the rationalisation of certain wealth management activities, including the exit from selected offshore markets.
• Net fair value adjustments and realised gains surged 586% to US$4.80 million (2025: US$700,206).
• Foreign exchange translation gains were relatively flat at US$2.07 million (2025: US$2.05 million).
• Fund Management Income declined 5% to US$4.10 million (2025: US$4.33 million).
• Other Income contracted 35% to US$2.68 million (2025: US$4.13 million).

As such, Operating revenue, net grew by 6% to total US$74.29 million compared with US$69.94 million for the year ended March 31, 2025.

Total operating expenses for the year amounted to US$63.66 million, a 15% increase relative to US$55.19 million reported in 2025. Staff Costs rose 4% to US$24.62 million (2025: US$23.57 million), Depreciation and amortisation of intangibles increased 6% to US$6.49 million (2025: US$6.15 million), while Other operating expenses jumped 33% to US$31.20 million (2025: US$23.46 million). Impairment loss on loans and other assets declined 32% to US$1.46 million (2025: US$2.14 million). Management noted that the increase in expenses included non-recurring items comprising software and bad debt write-offs at Roberts Manufacturing of US$2.60 million, a goodwill impairment charge of US$1.30 million, and approximately US$400,000 in legal and professional fees associated with the Roberts Manufacturing initial public offering.

Consequently, Operating Profit for the year ended March 31, 2026, amounted to US$10.63 million, a 28% decline relative to US$14.75 million reported in 2025.

Finance Costs increased 20% to US$17.39 million (2025: US$14.46 million), while Share of Results of Associates fell 52% to US$2.51 million (2025: US$5.19 million). No preference dividend was charged during the year (2025: US$259,912).

As a result, PROVEN recorded a Loss before Income Tax of US$4.25 million compared to a profit before tax of US$5.22 million in the prior year.

Taxation for the year amounted to US$1.04 million, a 132% increase relative to US$447,242 booked in 2025. As such, Net Loss for the year ended March 31, 2026, totalled US$5.28 million relative to a Net Profit of US$4.78 million reported for the year ended March 31, 2025.

Net Loss Attributable to Shareholders amounted to US$4.82 million compared to Net Profit Attributable to Shareholders of US$2.50 million in 2025.

Consequently, Loss Per Share for the year amounted to US$0.0060 (2025: EPS: US$0.0031), or J$(0.95) using an exchange rate of J$158.62. The number of shares used in these calculations was 801,732,000.

Notably, PROVEN’s stock price closed the trading period on August 14, 2026, at a price of J$8.96.

Balance Sheet Highlights

The Group’s assets totalled US$1.16 billion (2025: US$1.11 billion), an increase of 4% or US$49.13 million. Notably, Investment securities led the growth in total assets with an increase of US$62.35 million or 14% to close at US$500.78 million. Trade and other receivables rose US$19.72 million to US$61.47 million, Investment in associates increased US$5.09 million to US$117.61 million, and Investment property advanced US$5.55 million to US$35.78 million. These increases were tempered by a US$30.82 million reduction in Cash and cash equivalents to US$103.33 million, a US$5.21 million decline in Loans receivable to US$203.79 million, a US$4.92 million reduction in Property development in progress to US$47.08 million, and a US$4.29 million decline in Intangible assets to US$29.78 million.

Shareholders’ equity closed at US$109.08 million (2025: US$108.74 million), representing a book value per share of US$0.136 or J$21.59 (2025: US$0.136 or J$21.48).

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