March 01, 2018
Kingston Properties Limited reported Rental Income of $196.32 million, 50.49% more than the $130.46 million reported for 2016. Property management fee of $7.96 million was reported for 2017 relative to none reported in 2016. There was no Other Income reported in 2017 and according to the company.
This resulted in a 56.59% increase in total revenues year over year to $204.28 million relative to $130.46 million reported the prior year. For the fourth quarter the company reported total revenue of $49.65 million relative to (2016: $18.72 million).
Operating expenses grew by 26.52% to $124.33 million relative to the $98.26 million posted for the same period last year.
As such, Results of Operating activities before other gains amounted to $79.95 million, a 148.36% increase when compared to the $32.19 million posted last year.
Miscellaneous Income amounted to $904,145 (2016: $1.23 million).
Operating profit closed the year at $92.77 million, this compares with the $165.55 million booked a year ago. This was due to $119.94 million reported for Fair value Gain on Investment Properties in the 2016 compared to $11.71 million booked for 2017.
Net finance costs closed at $42.09 million relative to Net finance income of $54,000 for the 2016 period. This led to a Profit before taxation of $50.68 million, compared to the $164.24 million for 2016.
Tax credit for the year amounted to $28.48 million, resulting in Net Profit of $79.16 million relative to Net Profit of $129.92 million in the comparable period last year a 39.07% decline. For the fourth quarter the company recorded net profit of $55.86 million relative to the profit of $22.59 million reported in 2016.
Earnings per share amounted to $0.25 for the period relative to earnings per share of $0.40 in 2016. While earnings per share for the quarter amounted to $0.17 relative to earnings per share of $0.07 in 2016. The number of shares used in our calculations is 321,992,668. Notably, KPREIT stock price close the trading period on February 28, 2018 at $6.65.
Balance Sheet at a glance:-
As December 31, 2017, assets totalled $2.56 billion, $398.39 million more than the $2.16 billion booked as at December 31, 2016. The growth was due to investment properties which amounted to $2.47 billion versus $1.90 billion at the end of the 2016.
Shareholder equity closed at $1.74 billion, up $13.26 million from last year’s $1.73 billion, resulting in book value per share of $5.40 (2016: $5.36).
Disclaimer:
Analyst Certification -This research report is for information purposes only and should not be construed as a recommendation. 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.
