Proven Finishes Financial Year End Strong With Revenue Growth

• For the year ended March 31, 2020, Proven Investment Limited reported an audited net profit attributable to shareholders of US$29.98Mn (EPS: US 4.79 ¢), up 337.8% (or US$23.13Mn) relative to the prior year.
• This favorable outcome can be attributed to the 86.2% (or US$32.51Mn) increase in total income primarily due to a one-off US$24.93Mn gain from the disposal of Access Financial Services. This increase along with a US$9.13Mn rise in the share of profit from associates outstripped the 45.1% (or US$11.79Mn) growth in total operating expenses.
• If this one-off gain from the sale of the subsidiary is removed, the profit attributable to shareholders is US$8.70Mn relative to the non-normalized profit of US$29.98Mn.
• Proven’s stock has fallen 28.6% since the start of the year and closed Monday’s trading session at $33.21. At this price, the stock trades at a P/E of 5.2x earnings, which is below the Main Market Financial sector average of 13.9x earnings.

(Source: PIL Financials)