August 15, 2023
Eppley Caribbean Property Fund Limited SCC (CPFV) for the nine months ended June 30, 2023, reported a 10% increase in total investment income totalling BDS$10.07 million compared to BDS$9.12 million in the corresponding period last year. Total investment income for the third quarter had a 42% decrease to close at BDS$1.92 million compared to BDS$3.31 million for the comparable quarter of 2022.
Of the nine-month total investment income, interest income and other income amounted to BDS$558,738 (2022: BDS$553,416), this represents an increase of 1% year over year and fair value gains on investment property increased by 230% to BDS$3.70 million compared to BDS$1.12 million for the nine months ended June 30, 2022.
Operating expenditure for the nine months ended June 30, 2023, amounted to BDS$2.95 million, a 16% increase relative to BDS$2.55 million reported in 2022. The largest contributor to this increase was interest expense, which grew by 18% to close at BDS$1.12 million (2022: BDS$947,465) followed by professional fees, which grew 19% from BDS$353,268 in 2022 to BDS$421,049 in the period under review.
Profit before tax for the nine months amounted to BDS$7.12 million, an 8% increase relative to BDS$6.57 million reported in 2022. Profit before tax for the third quarter amounted to BDS$817,082 (2022: BDS$2.43 million).
Taxation totalled BDS$176,666, a 20% increase from the corresponding period last year (2022: BDS$146,694). Net profit for the nine months amounted to BDS$6.94 million, an 8% increase from the BDS$6.42 million reported in 2022. For the third quarter, net profit was BDS$734,139 (2022: BDS$2.39 million).
Earnings per share (EPS) for the nine months amounted to BDS$0.05/J$3.96 (2022: BDS$0.05/J$3.57), while EPS for the quarter totalled BDS$0.01/J$0.42 (2022: BDS$0.02/J$1.33). The twelve-month trailing EPS was BDS$0.07/J$5.72 and the number of shares used in these calculations was 136,044,964.
Notably, CPFV’s stock price closed the trading period on August 15, 2023, at a price of J$41.95 with a corresponding P/E ratio of 7.33x.
Balance Sheet Highlights
The company’s assets totalled BDS$138.57 million (2022: BDS$130.36 million). This increase was largely due to investment properties, which grew 17% from BDS$74.04 million in 2022 to BDS$86.67 million in 2023.
Total shareholder’s equity was BDS$108.64 million (2022: BDS$103.43 million), representing a book value per share of BDS$0.80 (2022: BDS$0.76).
Disclaimer:
Analyst Certification – The views expressed in this research report accurately reflect the personal views of Mayberry Investments Limited Research Department about those issuer (s) or securities as at the date of this report. Each research analyst (s) also certify that no part of their compensation was, is, or will be, directly or indirectly, related to the specific recommendation(s) or view (s) expressed by that research analyst in this research report.
Company Disclosure – The information contained herein has been obtained from sources believed to be reliable, however its accuracy and completeness cannot be guaranteed. You are hereby notified that any disclosure, copying, distribution or taking any action in reliance on the contents of this information is strictly prohibited and may be unlawful. Mayberry may effect transactions or have positions in securities mentioned herein. In addition, employees of Mayberry may have positions and effect transactions in the securities mentioned herein.