January 3, 2024
138 Student Living Ltd. (138SL) for the year ended September 30, 2023, reported a 9% increase in income totalling $1.30 billion compared to $1.19 billion in the corresponding period last year. Income for the fourth quarter had a 2% increase to close at $314.43 million compared to $307.26 million for the comparable quarter of 2022.
Other operating income soared by 601% to $97.37 million from the $13.89 million reported in 2022. This follows significant improvement in interest income, which amounted to $57.64 million (2022: $62,000). Consequently, total revenue increased by 16% to $1.39 billion compared to $1.20 billion for the year ended September 30, 2022. The company booked total revenue of $345.84 million for the fourth quarter versus $306.29 million reported for the similar quarter of 2022.
Administrative and other expenses increased by 35% to close at $678.68 million (2022: $501.32 million).
This resulted in a 2% increase in profit from operations, which totalled $715.26 million (2022: $698.54 million). Finance costs for the year ended September 30, 2023, amounted to $360.86 million, a 1% decrease relative to $363.49 million reported in 2022.
Profit before taxation for the year ended September 30, 2023, amounted to $354.40 million, a 6% increase relative to $335.05 million reported in 2022. Profit before taxation for the fourth quarter amounted to $76.61 million (2022: $114.30 million).
Taxation for the year ended September 30, 2023, had a 32% decrease to reach $11.39 million (2022: $16.69 million). Net profit for the year amounted to $343.00 million, an 8% increase from the $318.36 million reported in 2022. For the fourth quarter, net profit was $72.94 million (2022: $79.70 million).
Earnings per share (EPS) for the year amounted to $0.64 (2022: $0.59), while EPS for the quarter totalled $0.14 (2022: $0.15). The number of shares used in these calculations was 536,855,600.
Notably, 138SL’s stock price closed the trading period on January 2, 2024, at a price of $4.21 with a corresponding P/E ratio of 6.59x.
Balance Sheet Highlights:
The company’s assets totalled $9.89 billion (2022: $9.72 billion). The increase in the company’s asset base was primarily due to receivables, which grew by 24% to $1.12 billion (2022: $903.29 million).
Shareholder’s equity was $4.88 billion (2022: $4.56 billion), representing a book value per share of $9.09 (2022: $8.48).
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