August 16, 2024
138 Student Living Ltd. (138SL) for the nine months ended June 30, 2024, reported a 7% increase in Income totaling $1.05 billion compared to $982.14 million in the corresponding period last year. Income for the third quarter had a 3% increase to close at $330.69 million compared to $321.01 million for the comparable quarter of 2023.
Other Operating Income amounted to $110.76 million (2023: $65.97 million), this represents an increase of 68% year over year. Consequently, total revenue increased by 10% to $1.16 billion compared to $1.05 billion for the nine months ended June 30, 2023. The company booked total revenue of $376.55 million for the third quarter versus $347.45 million reported for the similar quarter of 2023. 138SL highlighted, ‘The movement is derived from increases in rates across all halls and other income.’
Administrative and other expenses increased by 16% to close at $582.43 million (2023: $500.50 million). As a result, Profit From Operation increased by 5% from $547.61 million in 2023 to $575.06 million in the period under review.
Finance costs for the nine months ended June 30, 2024, amounted to $251.79 million, a 7% decrease relative to $269.83 million reported in 2023.
Profit before taxation for the nine months ended June 30, 2024, amounted to $323.26 million, a 16% increase relative to $277.78 million reported in 2023. Profit before taxation for the third quarter amounted to 119.19 million (2023: $94.36 million).
Taxation for the nine months ended June 30, 2024, had a 206% increase to reach $23.66 million (2023: $7.72 million). Net Profit for the nine months amounted to $299.61 million, a 11% increase from the $270.06 million reported in 2023. For the third quarter, Net Profit was $107.80 million (2023: $88.92 million).
Consequently, Earnings Per Share for the nine months amounted to $0.56 (2023: EPS: $0.50), while Earnings Per Share for the quarter totaled $0.20 (2023: EPS: $0.17). The twelve-month trailing EPS was $0.69, and the number of shares used in these calculations was 536,855,600.
Notably, 138SL’s stock price closed the trading period on August 15, 2024, at a price of $4.10 with a corresponding P/E ratio of 5.91x.
Balance Sheet Highlights
The company’s assets totalled $10.23 billion (2023: $9.70 billion). Notably, ‘Receivables’ increased by $455.49 million or 46% to $1.44 billion (2023: $987.89 million).
Shareholder’s equity was $5.64 billion (2023: $4.77 billion), representing a book value per share of $10.51 (2023: $8.89).
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