Pleass Global Ltd (PBP) posted an after-tax profit of $1,809,721 for the half-year ending June 30, 2024, marking a 24 percent decrease compared to $2,389,528 for the same period in 2023. The company, known for bottling VaiWai® Natural Artesian Water and AquaSafe® Natural Artesian Water, attributed the lower profit to a one-off tax reversal of deferred tax liabilities, which impacted net profit and earnings per share (EPS) in 2023.
Profit before tax increased significantly to $1,874,338, a 57 percent rise from $1,191,423 in the same period in 2023. PBP’s managing director, Warwick Pleass, indicated that when comparing operational profit after tax and EPS for the first halves of 2023 and 2024, there is evident growth for the first half of 2024.
The company reported a revenue of $12,767,394 for the half-year, a 15 percent increase from $11,067,032 recorded in the previous year. Pleass also stated that the financial position of the company had strengthened, with net assets at $27.7 million as of June 30, 2024, compared to $21.02 million at the same date last year.
Furthermore, the board proposed an interim dividend of five cents per share, the highest in the company’s history, compared to the four cents per share declared for the first half of 2023.
“Our stakeholders will be pleased with another result in the now long trend of improved profit and dividends,” Pleass commented. PBP shares were trading at $7.94 a share at the time of reporting.