$1.2m profit for company
29 March, 2023, 6:30 pm
Bottlers of VaiWai and AquaSafe Natural Artesian water – Pleass Global Ltd (PBP) – recorded a net profit of $1.2 million in 2022.
Company chairman Warwick Pleass said this was a growth of 11 per cent compared with the previous financial year.
In its 2022 audited financial statements, the company recorded a 92 per cent increase in profit before tax with 57 per cent increase in operating revenue.
While the company’s net assets rose by 7 per cent the gearing ratio of the company has improved to 27 per cent at the end of 2022 (down from 33 per cent in 2021).
“2022 was an outstanding year. There is a rule of thumb with growth that while it might seem all positive, anything above about 30 per cent creates ‘growing pains’ that stress people, assets and systems.
“It also brings risk of higher costs that can actually drive down profit. In this instance the company has grown sales by 57 per cent and profit before tax by 92 per cent which is all down to sheer hard work…from January right through to December.”
The company highlighted that its year 1 of a 5 year major capital expenditure program was to increase production and improve resilience to climate, environmental and other risks.
“I’m also glad to show shareholders the first of what I hope is many years of increased dividends, now that we have reached the size needed for those higher dividends.”