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).
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