Pleass Global Ltd (PBP) reported an after-tax profit of $1,809,721 for the half-year ending June 30, 2024, a 24 percent decrease compared to $2,389,528 for the same period in 2023.
The bottler of VaiWai® Natural Artesian Water and AquaSafe® Natural Artesian Water cited a one-off tax reversal of deferred tax liabilities in 2023 as the reason for the lower net profit after tax and earnings per share (EPS) in 2024.
Despite this, the profit before tax soared to $1,874,338, marking a 57 percent increase from $1,191,423 in the same period last year.
Warwick Pleass, PBP’s managing director, noted that when compared operationally, there is growth in profit after tax and EPS for the first half of 2024.
The company also reported revenue of $12,767,394 for the half-year, a 15 percent rise from $11,067,032 in the previous year.
“The company’s financial position shows stronger net assets of $27.7 million as of June 30, 2024, compared to $21.02 million at the same date in 2023,” Mr. Pleass stated in the company’s stock announcement released by the South Pacific Stock Exchange (SPX) Thursday.
He also disclosed that the board proposed an interim dividend of five cents per share, the highest in the company’s history.
In the first half of 2023, the company declared an interim dividend of four cents per share.
“Our stakeholders will undoubtedly be pleased with another positive result in the ongoing trend of improved profit and dividends,” Mr. Pleass added.
As of the latest update, PBP shares were trading at $7.94 each.