5 months ago
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Proven Group Limited posted a net profit of US$191,500 for the March 2025 fourth quarter, marking a turnaround from the US$5.35-million net loss recorded in the same period in 2024.
However, the company made a comprehensive loss of US$3.8 million after factoring for changes in the fair value of its assets, Proven’s financials indicated.
The company’s preliminary results indicate that over 12 months ending March, net profit totalled US$2.6 million, compared to US$12.3 million a year earlier when Proven Group’s bottom line was buttressed by a one-off gain.
The group reported net revenue of US$55 million in the year, “on par” with prior-year levels.
“The reduction in net interest income, which was primarily due to the tightening of spreads from the repricing of the group’s publicly issued notes at higher rates, was offset by improvements in fee income and gross profits from manufacturing operations,” Proven said.
In the prior year, the group recorded an “extraordinary” gain linked to its associate JMMB Group Limited, “which reported extraordinarily strong results in the corresponding prior period from a significant gain from their share of profit of Sagicor Financial’s gain on the acquisition of Ivari,” Proven said.
Proven Group Limited is in the business of financial services, food manufacturing and real estate, with assets spread across Jamaica and the region.
Under its real estate operation, ongoing projects include the construction of Sol Harbour in Ocho Rios and Bahari in Runaway Bay, both in Jamaica and both of which are expected to be completed by 2026.
“The division is also expanding its industrial real estate portfolio with the Aashgo warehouses in Grand Cayman and the planned development of Kingston Gateway Warehouses in Jamaica,” Proven said.
The group’s operating revenue remained steady at US$55.1 million year-over-year despite market challenges. Proven noted a 4.2 per cent decline in total operating expenses to US$53.9 million, driven by lower staffing costs following a prior restructuring exercise.
“The lower staff costs, compared to the same period last year, is the result of the restructuring and consolidation exercise executed in the prior period,” a director commented.
At the close of the financial year, Proven Group reported net cash holdings of US$139.4 million, down from US$156.9 million the previous year. Shareholder equity dipped slightly to US$107.5 million from US$108.5 million. Total assets were slightly improved at just under US$1.11 billion, reflecting “significant portfolio reallocation rather than net growth”, Proven said.
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