August 16, 2023
Kingston Properties Limited (KPREIT) for the six months ended June 30, 2023, reported a 7% increase in Total Revenues totaling US$1.73 million compared to US$1.62 million in the corresponding period last year. Total Revenues for the second quarter had a 6% increase to close at US$870,842 million compared to US$818,526 for the comparable quarter of 2022.
Operating Expenses amounted to US$688,412 million (2022: US$733,056 million), this represents a decrease of 6% year over year. Consequently, results of operating activities before other income increased by 18% to US$1.04 million compared to US$883,240 million for the six months ended June 30, 2022. The company booked results of operating activities before other income of US$520,275 for the second quarter versus US$407,703 million reported for the similar quarter of 2022.
Results of operating activities increase by 9% to close at US$1.46 million (2022: $1.35 million), while Profit before net finance costs and impairment loss increased by 9% from US$1.35 million in 2022 to US$1.46 million in the period under review.
Finance Cost for the six months ended June 30, 2023, amounted to US$473,308, a 19% increase relative to US$399,000 reported in 2022. Finance Cost for the second quarter amounted to US$284,404 (2022: US$202,817). Net finance cost totalled US$308,441 a 17% increase from the corresponding period last year. (2022: US$263,741).
Profit before tax for the six months ended June 30, 2023, amounted to US$1.15 million, a 6% increase relative to US$1.08 million reported in 2022. Profit before tax for the second quarter amounted to US$322,064 (2022: US$370,473).
Tax credit for the six months ended June 30, 2023 amounted to US$3,400 (2022: taxation of US$104) . Profit for the six months amounted to US$1.16 million, a 7% increase from the US$1.08 million reported in 2022. For the second quarter, Profit was US$321,472 (2022: US$367,925).
Consequently, Earnings Per Share for the six months amounted to US0.13 cents (2022: EPS: US$.16 cents), while Earnings Per Share for the quarter totaled US0.036 cents (2022: EPS: US0.042 cents). The twelve-month trailing EPS was J$0.67 and the number of shares used in these calculations was 884,000,000.
Notably, KPREIT’s stock price closed the trading period on August 15, 2023 at a price of $7.39 with a corresponding P/E ratio of 10.98x.
Balance Sheet Highlights
As June 30, 2023, assets totalled US$60.56 million, 5% more than the US$57.41 million booked as at June 30, 2022. The growth was mainly due to the 124% increase in ‘Deposit on Investment property’ to US$2.64 million (2022: US$1.89 million) and 16% increase in ‘Cash and cash equivalents’ to US$8.86 million (2022: US$7.63 million). The movement was offset by a decline in ‘Investment properties’ to US$38.99 million (2022: US$40.03 million).
Shareholder’s equity was US$45.09 million (2022: US$42.84 million), representing a book value per share of $0.05 (2022: $0.05).
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