August 11, 2023
tTech Limited (tTech) for the six months ended June 30, 2023 reported a 28% increase in Revenue totaling $236.29 million compared to $185.29 million in the corresponding period last year. Revenue for the second quarter had a 35% increase to close at $117.92 million compared to $87.30 million for the comparable quarter of 2022.
Cost of Sales amounted to $133.14 million (2022: $125.19 million), this represents an increase of 6% year over year. Consequently, gross profit increased by 72% to $103.15 million compared to $60.09 million for the six months ended June 30, 2022. The company booked gross profit of $54.29 million for the second quarter versus $22 million reported for the similar quarter of 2022.
Administrative expenses increased by 46% to close at $80.18 million (2022: $55.01 million), while Other Operating expenses decreased by 43% from $16.80 million in 2022 to $9.58 million in the period under review. As a result, operating profit for the six months ended June 30, 2023 amounted to $13.83 million, a 230% increase relative to operating loss of $10.68 million reported in 2022.
Finance cost for the six months ended June 30, 2023, amounted to $972,000, a 10% decrease relative to $1.09 million reported in 2022. Finance costs for the second quarter amounted to 485,000 (2022: $534,000). Finance income totaled $1.67 million a 38% increase from the corresponding period last year. (2022: $1.21 million).
Profit before Taxation for the six months ended June 30, 2023, amounted to $14.53 million, a 238% increase relative to loss of $10.55 million reported in 2022. Profit before Taxation for the second quarter amounted to $6.54 million (2022: loss: $5.50 million).
Taxation for the six months ended June 30, 2023 amounted to $2.72 million (2022: tax credit of $1.22 million) . Net Profit for the six months amounted to $11.81 million, a 227% improvement on the net loss of $9.33 million reported in 2022. For the second quarter, Net Profit was $5.23 million (2022: net loss of $4.27 million).
Consequently, Earnings Per Share for the six months amounted to $0.12 (2022: LPS: $0.09), while Earnings Per Share for the quarter totaled $0.05 (2022: LPS: $0.04). The twelve month trailing LPS was $0.02 and the number of shares used in these calculations was 106,000,000.
Notably, tTech’s stock price closed the trading period on August 11, 2023 at a price of $2.26.
Balance Sheet Highlights
The company’s assets totaled $320.86 million (2022: $308.73 million). This increase was due to a 50% increase in ‘Accounts Receivables’ to $90.62 million (2022: $60.31 million). Also, ‘Short Term Investments’ increased by $7.52 million to close at $102.12 million.
Shareholder’s equity was $231.74 million (2022: $229.68 million), representing a book value per share of $2.19 (2022: $2.17).
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