Pleass Global Ltd (PBP) recorded an after tax profit of $1,809,721 for the half year ended June 30, 2024, a 24 per cent drop compared to $2,389,528 recorded for the corresponding half year in 2023.

The bottler of VaiWai® Natural Artesian Water and AquaSafe® Natural Artesian Water attributed the lower half year to “the one-off tax reversal of deferred tax liabilities, which effected net profit after tax and EPS (earnings per share) in 2023”.

Profit before tax was $1,874,338, a 57 per cent increase from $1,191,423 in the same period in 2023.

PBP managing director Warwick Pleass said if comparing operational profit after tax and EPS for the 2023 and 2024 first halves, “then there is growth in profit after tax and earnings per share for H1 (first half) of 2024”.

He reported revenue for the half year was recorded at $12,767,394 – 15 per cent higher than $11,067,032 recorded the previous year.

“The company’s statement of financial position shows a stronger position of $27.7million net assets as at June 30, 2024 compared to $21.02m at the same date last year,” Mr Pleass said in the company’s stock announcement released by the South Pacific Stock Exchange (SPX) Thursday.

He said the board had also proposed an interim dividend of five cents per share, marking the highest interim dividend in the company’s history.

The company declared four cents per share in interim dividend 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.”

PBP shares were trading at $7.94 a share when this edition went to press.