Durrant Pate/Contributor

Blue Power Group has seen its April 2023 year-end net profit plummet by 58 per cent to J$81.41 million, down from J$193.54 million in 2022.

Net profit for the April 2023 quarter totalled J$52.21 million, compared to a net loss of J$10.80 million booked in the prior year’s quarter. Comprehensive income for the year under review amounted to J$81.41 million, relative to the J$181.54 million reported twelve months prior.

Pre-tax profit declined 59 per cent to reach J$86.36 million (2022: J$209.09 million). Taxation for the year-end amounted to J$4.95 million, a 68 per cent decrease from the J$15.56 million reported in 2022.

Revenues climb 66%

Revenues for the year is up 66 per cent to J$871.32 million compared to J$526.45 million in the corresponding period last year. Revenue for the fourth quarter was up 32 per cent to close at J$237.93 million compared to J$179.93 million for the comparable quarter of 2022.

Cost of sales amounted to J$661.58 million (2022: J373.42 million), representing an increase of 77per cent year over year. Consequently, gross profit increased by 37  per cent to J$209.74 million compared to J$153.02 million for 2022.

Impairment losses on investment decreased by 44 per cent to close at J$959,701 (2022: J$1.71 million), while Administrative and marketing expenses decreased by 7 per cent from J$191.19 million in 2022 to J$178.13 million in the period under review.

As a result, profit from operations for the year ended April 30, 2023, amounted to J$29.79 million, a 15 per cent decrease relative to the $35.12 million reported in 2022.

Finance income totalled $19.31 million, a 27 per cent decrease from the corresponding period last year. (2022: $26.61 million).

Blue Power, as at April 30, 2023, recorded total assets of J$1.61 billion, an increase of 14 per cent when compared to J$1.53 billion recorded last year.  This was a result of the company booking ‘Property, plant and equipment’ and ‘Inventories’ of J$358.75 million (2022: J$267.82 million) and J$356.68 million (2022: J$346.95 million).

Total stockholders’ equity as at April 30, 2023, closed at J$1.50 billion (2022: J$1.43 billion). This represents a book value per share of J$1.06 (2022: J$0.90).