PBS records best financial results in company’s history …reveals new company logo to reflect shift in operations
Chairman of PBS PB Scott, CEO of PBS Pedro Paris, Corporate Secretary Pancetta Murray, and PwC auditor Tricia Ann Smith at PBS annual general meeting.
Kingston, Jamaica: Regional information technology firm Productive Business Solutions Limited (PBS) continued its strong revenue and earnings growth in 2022.
In the audited financial report for the December 31, 2022 financial year, the company recorded significant increases in revenue, equity, profit after tax, and earnings before interest, taxes, depreciation, and amortisation (EBITDA).
The company reported US $316 million in revenue, up 39 per cent from the prior year. Equity was US$106 million, an increase of 26 per cent, while EBITDA was US$46.7 million, up 45 per cent compared with the previous year.
Concurrently, net debt decreased by 16 per cent to US$90.4 million compared to the previous financial year.
“These financial highlights are the best in our company’s history. We are fortunate to work with great employees and partners that allow us to achieve such numbers,” said PBS CEO Pedro Paris at the company’s annual general meeting held last Thursday, September 29, 2023.
“One of the facts that makes PBS interesting for investors is its diversification and EBITDA contribution from each country. Some of the projects we dive into may not be awarded to us, however the structure of the company allows us to rapidly adjust and fulfil our commitments for the year,” he continued.
The company operates in 19 countries, with its biggest earnings coming from Trinidad and Tobago at 25 per cent, followed by Jamaica 13 per cent, El Salvador 11 per cent, and Guatemala, Costa Rica, Nicaragua and Barbados at 8 per cent.
“We would like to align the company to be bold in the opportunities that the markets give us in the territories where we operate, in which we compete with several companies, and we expect our own to flourish.”
During the AGM, the CEO officially revealed a new transitional logo for PBS — ‘PBS NOW; Technology Can’t Wait’ — , reflecting the company’s evolution from an imaging and printing company to a technology and advanced services provider.
“Back in 2009 when PBS started, we created a logo which somehow was attached to imaging and printing. The vision of getting into other lines of business resulted in growth and presence in uncharted markets. It was a smart and visionary strategy that allowed PBS to get over the difficulties of 2020 when the printing division was affected the most,” Paris explained.
According to him, despite the paradigm that printing is declining, the company has strengthened its strategies oriented to grow the business and the page volume has grown to levels above 2019.
Additionally, during the financial year under review, PBS acquired INFOTRANS, a company with a presence in Colombia, Aruba, Curacao, and Suriname. The acquisition, completed on June 30, 2023, brings a new array of brands and services to PBS and is expected to generate significant synergies and economies of scale.
Furthering its commitment to innovation and growth, PBS has also started two new projects in partnership with Xerox. This includes a new line of Xerox-branded paper which will reduce lead time, obtain lower-cost paper and contribute to the environment by selling recycled paper, which will ultimately increase PBS’ market share market share from 500 to 2,000 tons of paper per month in two years.
The other projects entail increasing the number of Xerox machines in the field from 32,000 to 40,000 over the next two years.
Paris continued, “The best is ahead of us. We are taking measures to protect our planned results, and we are excited about the opportunities the markets give us in the territories where we operate.”
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