March 4, 2024
Kingston Properties Limited (KPREIT) for the year ended December 31, 2023, reported a 14% increase in total operating revenues to reach US$3.98 million compared to US$3.48 million in the corresponding period last year.
Operating expenses amounted to US$1.53 million (2022: US$1.48 million), this represents an increase of 3% year over year. Consequently, results of operating activities before other income increased by 23% to US$2.45 million compared to US$2.00 million for the year ended December 31, 2022. The company booked results of operating activities before other income of US$824,707 for the fourth quarter versus US$613,854 reported for the similar quarter of 2022.
Results of operating activities increased by 23% to close at US$5.35 million (2022: US$4.37 million). Profit before net finance costs and impairment loss had a similar increase of 23% from US$4.37 million in 2022 to US$5.35 million in the period under review.
Net finance costs totalled US$680,824, a 41% increase from the corresponding period last year (2022: US$481,820). The increase resulted from a 43% rise in finance costs, which closed at US$962,851 (2022: US$674,332) tempered by 46% uptick in finance income, which closed at US$282,027 (2022: US$192,512).
Profit before income tax for the year ended December 31, 2023, amounted to US$4.67 million, a 20% increase relative to US$3.88 million reported in 2022. Profit before income tax for the fourth quarter amounted to US$3.09 million (2022: US$2.42 million).
Taxation charge for the year ended December 31, 2023, had a 74% decrease to reach US$21,547 (2022: US$84,411). Profit for the year amounted to US$4.65 million, a 22% increase from the US$3.80 million reported in 2022. For the fourth quarter, profit for the year was US$3.08 million (2022: US$2.35 million).
Earnings per share (EPS) for the year amounted to US0.0053/J$0.82 (2022: US$0.0043/J$0.66), while EPS for the quarter totalled US$0.0035/J$0.54 (2022: US$0.0027/J$0.41). The number of shares used in these calculations was 884,000,000.
Notably, KPREIT’s stock price closed the trading period on March 1, 2024, at a price of $8.03 with a corresponding P/E ratio of 9.79x.
Balance Sheet Highlights:
The company’s assets totalled US$70.96 million (2022: US$56.21 million); a 26% increase year over year largely attributed to a 47% rise in investment property, which closed at US$59.18 million (2022: US$40.14 million).
Shareholder’s equity was US$47.87 million (2022: US$44.59 million), representing a book value per share of US$0.054 (2022: US$0.050).
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