AS Bryden reports $139m in profits

AS Bryden and Sons Holdings Ltd reported $139.8 million in profits in its consolidated statement of comprehensive income for the year ending December 2023.

The profits were more than double the amount recorded in its financial results of 2022, when it earned $69.6 million in profits.

However, at its annual general meeting held virtually on Tuesday, CEO Richard Pandohie said the financial results in 2022 were based on its performance from the time it was acquired by Seprod Ltd, in June 2022, while the 2023 performance reported was based on a full year.

The financial performance for 2022, according to the statement compiled by Price Waterhouse Cooper (PWC), reported 2022 financial results from May 9-December 31.

The financial report revealed that it earned $2.5 billion in revenue for 2023, as compared to $1.2 billion. Direct expenses reduced revenue to a gross profit of $664.9 as compared to $357.9 million in 2022.

It recorded a $219.6 million operating profit, as compared to $106.4 for 2022, and, after finance costs, recorded a profit before tax of $165.7 million as compared to $84.1 million for 2022.