Washington January 03, 2021: IBEX Limited has gained 8.77 percent on first trading day of 2022 and closed at USD14.02 that will result in PKR1.1 increase in TRG investment value as company is holding 5.4 million share of IBEX Limited.
TRG Pakistan has lost approximately 25 percent on its investment value in December quarter as IBEX share declined from USD17.0 to USD12.89 at december closing on which it is worth mentioning to note that TRG Pakistan will book PKR4.0 billion loss in this quarter having impact of around PKR7.0 per share earnings.
IBEX Limited (IBEX) has reported quarterly earnings of $0.05 per share in its first quarter , missing the Zacks Consensus Estimate of $0.25 per share. This compares to earnings of $0.31 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of -80%. A quarter ago, it was expected that this company would post earnings of $0.14 per share when it actually produced earnings of $0.31, delivering a surprise of 121.43%.
IBEX Limited , which belongs to the Zacks Business - Services industry, posted revenues of $108.57 million for the quarter ended September 2021, missing the Zacks Consensus Estimate by 3.88%. This compares to year-ago revenues of $108.77 million. The company has topped consensus revenue estimates just once over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
IBEX Limited has also recently announced that its board of directors has authorized the repurchase of up to US$20 million of the Company’s common stock.
“This announcement demonstrates our confidence in IBEX’s business and underlying intrinsic value,” said Bob Dechant, Chief Executive Officer at IBEX. “While we continue to focus on IBEX’s reinvestment opportunities and runway for growth, we believe that recent changes in the trading values of our shares have provided us with an opportunity to enhance our long-term value per share. We will continue to purchase our shares opportunistically at times when we believe our stock price does not reflect the intrinsic value of our company.”
The Company's proposed repurchases may be made from time to time through open market transactions at prevailing market prices, in privately negotiated transactions, in block trades and/or through other legally permissible means, depending on the market conditions and in accordance with applicable rules and regulations. The actual timing, number, and dollar amount of repurchase transactions will be determined by management at its discretion and will depend on a number of factors including, but not limited to, the market price of the Company’s common shares, general market and economic conditions, and compliance with Rule 10b-18 and/or Rule 10b5-1 under the Securities Exchange Act of 1934, as amended.
The Company’s board of directors (“Board”) will review the repurchase program periodically and may authorize adjustment of its terms and size or suspend or discontinue the program. The Company expects to fund the repurchases under this program with its existing cash balance. The repurchase program will be executed consistent with the Company’s capital allocation strategy, which will continue to prioritize aggressive investments to grow the business.
The repurchase program does not obligate the Company to acquire any particular amount of common shares, and the repurchase program may be suspended or discontinued at any time at the Company’s discretion.
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