May 15, 2026
138 Student Living Ltd. (138SL)
Unaudited financials for the six months ended March 31, 2026:
138 Student Living Ltd. (138SL) for the six months ended March 31, 2026, reported an 8% increase in Income totalling $778.99 million compared to $719.26 million in the corresponding period last year. Income for the second quarter had a 13% increase to close at $389.62 million compared to $345.02 million for the comparable quarter of 2025.
Other Operating Income amounted to $36.65 million (2025: $76.30 million), representing a 52% year-over-year decrease. Consequently, total revenue increased by 3% to $815.64 million compared to $795.55 million for the six months ended March 31, 2025. The company booked total revenue of $410.01 million for the second quarter, versus $383.85 million reported for the similar quarter of 2025, a 7% increase.
Administrative and other expenses were broadly flat year-over-year at $452.85 million (2025: $453.29 million), while Profit from Operations increased by 6% from $342.26 million in 2025 to $362.80 million in the period under review. According to the Chairman’s Report, the Group maintained high occupancy levels of 98% during the second quarter (up from 97% in Mar-25), reinforcing the resilience and attractiveness of its asset base, with revenue growth driven primarily by improved rental rates and operating margin strengthening to approximately 47% reflecting effective cost management.
Finance costs for the six months ended March 31, 2026, amounted to $136.06 million, an 11% decrease relative to $152.27 million reported in 2025.
Profit Before Taxation for the six months ended March 31, 2026, amounted to $226.74 million, a 19% increase relative to $189.99 million reported in 2025. Profit Before Taxation for the second quarter amounted to $124.57 million (2025: $87.87 million), a 42% increase. Taxation totalled $13.32 million, a 56% decrease from the corresponding period last year (2025: $30.56 million).
138SL’s net profit for the six months amounted to $213.42 million, a 34% increase from the $159.43 million reported in 2025. For the second quarter, Net Profit was $120.74 million (2025: $77.00 million), a 57% increase. The Chairman noted that the strong quarterly recovery reflected sustained demand for the Group’s accommodation solutions, continued operational discipline, and the Group’s ability to convert revenue growth into enhanced shareholder returns, with a net profit margin of approximately 29% for the quarter.
Consequently, Earnings Per Share for the six months amounted to $0.40 (2025: EPS: $0.30), while Earnings Per Share for the quarter totalled $0.22 (2025: EPS: $0.14). The twelve-month trailing EPS was $0.60, and the number of shares used in these calculations was 536,855,600.
Notably, 138SL’s stock price closed the trading period on May 14, 2026, at a price of $3.09 with a corresponding P/E ratio of 5.18x.
Balance Sheet Highlights
The company’s assets totalled $9.07 billion (2025: $9.98 billion), a 9% decrease year-over-year. The decline in the company’s asset base was driven by an 11% YoY decrease in ‘Financial Asset – Service Concession Rights’ to $8.06 billion (2025: $9.02 billion), reflecting a $993.50 million downward fair value revaluation recognised in the audited financial statements for the year ended September 30, 2025. Receivables increased by 4% to $711.80 million (2025: $682.25 million), while Cash and Cash Equivalents declined 22% to $86.20 million (2025: $110.89 million).
Shareholders’ equity was $4.90 billion (2025: $5.69 billion), representing a book value per share of $9.13 (2025: $10.60). Current liabilities increased 30% year-over-year to $1.51 billion (2025: $1.17 billion), driven primarily by a 62% increase in Payables to $954.10 million.
Looking ahead, the Chairman Ian Parsard noted that the Group remains focused on sustaining high occupancy levels, optimizing operational efficiency, and delivering consistent, long-term value to shareholders. The Company has engaged Sagicor Investments Jamaica Limited as Broker to refinance and restructure its existing loan notes, which is expected to improve cash flow management, enhance liquidity, optimize the debt maturity profile, and strengthen the overall capital structure. Discussions with The University of the West Indies regarding the Irvine Hall Concession Agreement are at an advanced stage, and the Board remains committed to achieving a timely and mutually beneficial resolution. Notably, 138SL earned an “A” rating (89.31) on the Jamaica Stock Exchange Corporate Governance Index during the quarter, completing a significant five-year improvement from a “C” rating in 2021.
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