November 21, 2022

1834 Investments Limited (1834)

For the six months ended September 30, 2022: –

1834 Investments Limited (1834) posted revenue of $12.28 million, a 5% decrease when compared to $13 million reported for the comparable period in 2021. Other losses amounted to $16.24 million compared to other gains of $11.88 million in 2021.

Total Expenses increased by 16% from $28.98 million in September 2021 to $33.72 million on September 30, 2022. Of total expenses, administrative expense went up by 56% to close at $21.57 million (2021: $13.85 million). Other operating expenses decreased by 18% to $12.92 million (2021: $15.84 million). The company recorded an increase in impairment gain to $763,000 (2021: $712,000).

Finance costs for the period amounted to $807,000 compared to $706,000 reported for the comparable period of 2021. 1834 Investments inherited received a share of loss from interest in associate worth $13 million.

Given the inherited loss, 1834 Investments recorded a Loss before Taxation of $51.48 million relative to a Profit before taxation $4.53 million in 2021.

A tax credit of $3.64 million was obtained for the six-month period compared to tax charge $2.81 million reported in 2021. 1834 Investments experienced a loss for the period of $47.84 million relative to a profit of $1.72 million for the prior year. Net Loss for the quarter amounted to $18.14 million (2021 loss: $13.13 million)

1834’s Loss per share (LPS) for the period of $0.039 (2021: EPS $0.0014). The trailing twelve-month loss per share (LPS) is $0.04. The number of shares used in this calculation was 1,211,243,827 units. As at November 17, 2022, the stock traded at $1.21.

Balance Sheet Highlights:

The Company, as at September 30, 2022, held Total Assets worth $1.77 billion, a 6% increase when compared to $1.66 billion recorded last year. The movement was primarily attributable to increases in ‘Cash and Cash Equivalents’ which now totalled $213.53 million (2021: $23.45 million) and ‘Investment Properties’ amounted to $545 million (2021: $492.5 million)

Total Shareholders’ Equity as at September 30, 2022 closed at $1.44 billion, compared to $1.51 billion recorded for the same period in 2021. This resulted in a book value per share of $1.19 compared to a value of $1.25 as at September 30, 2021.

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