ASSET and fleet management company VB Holdings Ltd recorded a total revenue of $3million for its 2023 financial year ended December 31, 2023.
The operating profit was recorded at $0.91million compared with $1.1m in 2022, which is a 21.93 per cent decrease.
In its 2023 annual report released yesterday by the South Pacific Stock Exchange (SPX) where it is listed, the company noted its expenditure increased from $1.9m in 2022 to $2.1m last year.
Profit after tax stood at $0.59m compared to $0.90m in 2022.
“The net assets of the company increased by $0.22m and was recorded at a value of $19.54m at the end of 2023,” the company stated.
The company generated 80 per cent of its total revenue from fleet management, its core business.
The total revenue for the fleet division for 2023 was $2.1m compared to $2.2m in 2022.
“This slight decrease in lease revenue is due to incoming and expiring corporate customers for operating lease contracts.”
The property management segment, on the other hand, was consistent and stable.
The division, which was the company’s core business when it started, now contributes 20 per cent of the total revenue.
As of December 31, 2023, the share price of VBH stood at $6 a share, with a total market capitalisation of $12.82m, the annual report stated.
Last year, VBH invested $5m in the insurance sector, its largest investment yet.
