May 15, 2024
Kingston Properties Limited (KPREIT) for the first quarter ended March 31, 2024, reported a 29% increase in total operating revenues totalling US$1.11 million compared to US$859,924 in the corresponding three months last year.
Operating Expenses amounted to US$389,089 (2023: US$335,006), this represents an increase of 16% year over year. Consequently, results of operating increased by 38% to US$722,901 compared to US$524,918 for the first quarter ended March 31, 2023.
Fair value gain on investment properties increased by 55% to close at US$592,737 (2023: US$382,184), while Miscellaneous expenses amounted to US$69,084 (2023: income of US$20,953). As a result, Results of operating activities for the first quarter amounted to US$1.28 million, a 28% increase relative to US$998,718 reported in 2023.
Net finance cost totalled US$332,551, a 100% increase from the corresponding period last year. (2023: US$166,455).
Profit before Income Tax for the first quarter ended March 31, 2024, amounted to US$946,357 a 14% increase relative to US$832,263 reported in 2023.
Net Profit for the three months amounted to US$946,357, a 13% increase from the US$836,255 reported in 2023.
Consequently, Earnings Per Share for the three months amounted to US$0.0011/J$0.17 (2023: EPS: US$0.0009/J$0.14). The twelve month trailing EPS was US$0.005 and J$0.82 and the number of shares used in these calculations was 884,000,000.
Notably, KPREIT’s stock price closed the trading period on May 15, 2024, at a price of J$7.80 with a corresponding P/E ratio of 9.51x.
Balance Sheet Highlights
The company’s assets totalled US$71.58 million (2023: US$61.22 million). The growth in total assets was primarily due to a US$14.91 million or 38% increase in ‘Investment properties’ to close at US$53.83 million (2023: US$38.92 million).
Shareholder’s equity was US$48.82 million (2023: US$45.43 million), representing a book value per share of US$0.55 (2023: US$0.51).
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 affect transactions or have positions in securities mentioned herein. In addition, employees of Mayberry may have positions and effect transactions in the securities mentioned herein.
