February 15, 2022
138SL’s Revenue increased by 8% to $276.27 million relative to the $255.56 million recorded for the corresponding period last year. Other operating income for the period under review fell by 87% to $2.62 million compared to $20.53 million a year earlier.
Administrative expenses declined by 5% to amount to $134.50 million (2020: $141.72 million). Thus, Operating profit closed the period at $144.39 million, increasing 7% compared to $134.38 million that was reported for the year prior.
The company reported finance cost of $90.97 million (2020: $59.11 million), a 54% increase year over year.
Profit before taxation for the three months period amounted to $53.42 million compared with a profit of $75.27 million last year. Tax credit of $6.18 million was reported for the period (2020: tax charges of $9.35 million)
Consequently, net profit totalled $59.60 million compared to a profit of $65.92 million in the prior corresponding period.
Earnings per share (EPS) for the period was recorded at $0.14 relative to earnings per share of $0.16 a year earlier. The twelve-month trailing EPS amounted to $0.575. The number of shares used in this calculation was 414,500,000. As at February 14, 2022, the stock traded at $8.05 with a corresponding P/E of 14.01 times.
Notably, Management stated, “The Covid – 19 pandemic continues to have a negative impact on our occupancy and revenues. We are now feeling the effects of the fourth wave with no clear indication of when normalcy will return. During the period, occupancy recovered from below 30% in the prior year to an average of 50% during the current period. This is helped by the UWI increasing its number of face-to-face classes.”
Balance Sheet at a Glance:
As at December 31, 2021, Total Assets increased by 2% to $10.28 billion (2020: $10.05 billion). This movement was primarily driven by a 84% increase in ‘Receivables’ to close the period at $1.43 billion (2020: $775.97 million).
Total Shareholders’ Equity’ totalled $4.48 billion (2020: $4.60 billion), which resulted in a book value of $10.67 (2020: $11.10).
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