Pleass Global Ltd (PBP) reported an after-tax profit of $1,809,721 for the half-year ending June 30, 2024, which is 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 in 2023, which affected net profit after tax and earnings per share (EPS) that year.
Profit before tax for the first half of 2024 was $1,874,338, marking a 57 percent increase from $1,191,423 during the same period in 2023.
Warwick Pleass, Managing Director of PBP, noted that when comparing operational profit after tax and EPS for the first halves of 2023 and 2024, there is growth in both for the first half of 2024.
Revenue for the half-year stood at $12,767,394, representing a 15 percent increase from $11,067,032 recorded the previous year.
“The company’s statement of financial position shows a stronger standing with $27.7 million in net assets as of June 30, 2024, compared to $21.02 million at the same date last year,” Mr. Pleass stated in the company’s stock announcement released by the South Pacific Stock Exchange (SPX) on Thursday.
He also mentioned that the board proposed an interim dividend of five cents per share, the highest interim dividend in the company’s history. The company declared a four cents per share interim dividend for the first half of 2023.
“Our stakeholders will no doubt be pleased with the continuing trend of improved profit and dividends,” he added.
PBP shares were trading at $7.94 each as of the time this news was published.