May 15, 2023
138 Student Living Jamaica Limited (138SL) for the six months ended March 31, 2023:
Revenue increased 20% to $700.65 million (2022: $584.23 million). For the quarter, revenue increased 16% to $354.30 million (2022: $305.34 million). Management noted that the increase was partly attributable to the strong performance in long-term occupancy. Additionally, the company’s short-term rental business, which continues to expand into new markets, contributed $23 million (2022: $12 million) for the current quarter and $61 million (2022: $23 million) for the six-month period under review.
Administrative expenses increased 30% to $335.84 million (2022: $258.94 million).
Operating profit increased 12% to $364.82 million (2022: $325.29 million). For the quarter, operating profit increased 6% to $192.25 million (2022: $180.91 million).
Net profit increased 17% to $181.14 million (2022: $155.20 million). For the quarter, net profit increased 5% to $100.23 million (2022: $95.61 million).
Earnings per share (EPS) amounted to $0.44 (2022: $0.37). For the quarter, EPS amounted to $0.24 (2022: $0.23). The trailing twelve-month EPS amounted to $0.94. The number of shares used in the calculations is 414,500,000. 138SL’s stock price closed the trading period on May 12, 2023 at $5.39 with a corresponding P/E ratio of 5.72x.
Balance Sheet Highlights:
Total assets as at March 31, 2023 declined 6% to $9.76 billion (2022: $10.35 billion). This movement was primarily due to a 35% decline in ‘Receivables’ to $964.24 million (2022: $1.48 billion).
Shareholders’ equity as at March 31, 2023 increased 2% to $4.68 billion (2022: $4.58 billion) resulting in a book value per share of $11.30 (2022: $11.05).
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