August 15, 2023
138 Student Living Ltd. (138SL) for the nine months ended June 30, 2023 reported a 12% increase in Income totaling $982.14 million compared to $878.70 million in the corresponding period last year. Income for the third quarter had a 4% increase to close at $321.01 million compared to $307.52 million for the comparable quarter of 2022.
Other Operating Income amounted to $65.97 million (2022: 14.86 million), this represents a increase of 344% year over year. Consequently, total revenue increased by 17% to $1.05 billion compared to $893.57 million for the nine months ended June 30, 2022. The company booked total revenue of $347.45 million for the third quarter versus $309.34 million reported for the similar quarter of 2022.
Administrative expenses increase by 25% to close at $500.50 million (2022: $400.89 million), while Profit From Operation increased by 11% from $492.68 million in 2022 to $547.61 million in the period under review. As a result, finance cost for the nine months ended June 30, 2023 amounted to $269.83 million, a 1% decrease relative to $271.93 million reported in 2022.
Profit Before Taxation for the nine months ended June 30, 2023, amounted to $277.78 million, a 26% increase relative to $220.75 million reported in 2022. Profit Before Taxation for the third quarter amounted to $94.36 million (2022: $78.25 million). Taxation totalled $7.72 million compared to a tax credit of $17.92 million in the prior comparable period.
Net Profit for the nine months amounted to $270.06 million, a 13% increase from the $238.66 million reported in 2022. For the third quarter, Net Profit was $88.92 million (2022: $85.23 million).
Consequently, Earnings Per Share for the nine months amounted to $0.65 (2022: EPS: $0.58), while Earnings Per Share for the quarter totaled $0.21 (2022: EPS: $0.21). The twelve month trailing EPS was $0.96 and the number of shares used in these calculations was 414,500,000.
Notably, 138SL’s stock price closed the trading period on August 15, 2023 at a price of $4.64 with a corresponding P/E ratio of 4.85x.
Balance Sheet Highlights
The company’s assets totalled $9.70 billion (2022: $10.48 billion). ‘Financial Asset- Service Commission Rights’ amounted to $8.47 billion (2022: $8.53 billion).
Shareholder’s equity was $4.77 billion (2022: $4.66 billion), representing a book value per share of $11.51 (2022: $11.25).
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