Pleass Global Ltd (PBP) reported an after-tax profit of $1,809,721 for the half year ended June 30, 2024, marking a 24 percent reduction from the $2,389,528 recorded in the same period of 2023.
The company, known for bottling VaiWai® Natural Artesian Water and AquaSafe® Natural Artesian Water, attributed the decline to a one-off tax reversal of deferred tax liabilities that affected net profit after tax and earnings per share (EPS) in 2023.
Profit before tax saw a significant jump to $1,874,338, a 57 percent increase from $1,191,423 in the same period in 2023.
PBP Managing Director Warwick Pleass noted that when comparing the operational profit after tax and EPS for the first halves of 2023 and 2024, there is evident growth in profit after tax and earnings per share for the first half of 2024.
Revenue for the half year stood at $12,767,394, reflecting a 15 percent increase from the $11,067,032 recorded the previous year.
According to Mr. Pleass, the company’s financial position has strengthened, with net assets amounting to $27.7 million as of June 30, 2024, compared to $21.02 million at the same time last year.
The board has proposed an interim dividend of five cents per share, the highest interim dividend in the company’s history, compared to four cents per share for the first half of 2023.
“Our stakeholders will no doubt be pleased with yet another result in the now long trend of improved profit and dividends,” said Mr. Pleass.
PBP shares were trading at $7.94 a share at the time of reporting.