Administrative expenses decreased by 10% amounting to $506.64 million (2019: $560.98 million). As for the quarter, there was a 14% decrease to $149.06 million (2019: $173.89 million).

Thus, operating profit amounted to $580.19 million, an increase of 392% compared to $117.94 million that was reported for the comparative period the year prior. While for the third quarter, operating profit closed at $184.61 million (2018: $60.48 million), indicating a 205% rise year over year.

The company also reported finance cost of $195.33 million (2019: $209.91 million), a 7% decrease year on year. For the quarter, finance cost went down by 16% to close at $60.86 million (2019: $72.10 million).

Earnings before taxation for the nine months period amounted to $384.87 million compared with the loss of $91.97 million for similar period last year. Following tax credits of $16.91 million (2019 tax credit: $31.55 million), Net profit totalled $401.77 million, compared to a loss of $60.43 million recorded in 2019. Net profit for the third quarter amounted to $131.57 million relative to a net loss of $16.69 million booked in the previous comparable period.

Earnings per share (EPS) for the period amounted to $0.97 relative to loss per share of $0.15 a year earlier. The EPS for the quarter totalled $0.32 in contrast to a LPS of $0.04. The twelve-month trailing EPS $1.17. The number of shares used in this calculation was 414,500,000. As at August 13, 2020, the stock traded at $6.69.

Furthermore, the company stated that, “this result continues to be positively impacted by: (i) effective management of operating costs (primarily utilities) and (ii) variation claims relating to Irvine Hall. The latter item includes a variation claim for the full year 2019 as well as a first, second and third quarter claims for the year 2020.”

Balance Sheet at a Glance:

As at June 30, 2020, total assets increased by 26% to $11.27 billion (2019: $8.97 billion). This increase was primarily driven by a 28% increase in financial asset-service concession to $10.19 billion (2019: $7.96 billion). Receivables also contributed to the increase with a 14% growth to $552.28 million relative to $483.16 million recorded twelve months earlier.

Shareholders’ equity totalled $5.95 billion (2019: $3.26 billion) which resulted in a book value per share of $14.35 (2019: $7.86).

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