November 10, 2023
Kingston Properties Limited (KPREIT) for the nine months ended September 30, 2023 reported a 8% increase in Total Revenues totaling US$2.67 million compared to US$2.47 million in the corresponding period last year. Total Revenues for the third quarter had a 10% increase to close at US$939,184 compared to US$857,596 for the comparable quarter of 2022.
Operating Expenses amounted to US$1.04 million (2022: US$1.09 million), this represents a decrease of 4% year over year. Consequently, results of operating activities before other income increased by 17% to US$1.63 million compared to US$1.38 million for the nine months ended September 30, 2022. The company booked results of operating activities before other income/gains of US$583,336 for the third quarter versus US$500,905 reported for the similar quarter of 2022.
Results of operating activities increased by 10% to close at US$2.09 million (2022: US$1.90 million), while profit before net finance costs and impairment loss increased by 10% from US$1.90 million in 2022 to US$2.09 million in the period under review. As a result, profit before net finance costs and impairment loss for the nine months ended September 30, 2023 amounted to US$2.09 million, a 10% increase relative to US$1.90 million reported in 2022.
Finance Cost for the nine months ended September 30, 2023, amounted to US$512,300, a 18% decrease relative to US$434,717 reported in 2022. Finance Cost for the third quarter amounted to US$216,954 (2022: US$170,975).
Profit before Income Tax for the nine months ended September 30, 2023, amounted to US$1.58 million, a 8% increase relative to US$1.46 million reported in 2022. Profit before Income Tax for the third quarter amounted to US$416,060 (2022: US$378,882).
Taxation charge for the nine months ended September 30, 2023 had a 22% decrease to reach US$12,141 (2022: US$15,590) . Profit for the nine months amounted to US$1.57 million, a 8% increase from the US$1.45 million reported in 2022. For the third quarter, profit for the nine months was US$400,519 (2022: US$363,395).
Consequently, Earnings Per Share for the nine months amounted to US0.18 cents (2022: EPS: US0.16 cents), while Earnings Per Share for the quarter totaled US0.05 cents (2022: EPS: US0.04 cents). The twelve month trailing EPS was US0.44 and the number of shares used in these calculations was 884,000,000.
Notably, KPREIT’s stock price closed the trading period on November 09, 2023 at a price of J$7.39 with a corresponding P/E ratio of 10.71x.
KPREIT noted “ We anticipate breaking ground on the Rousseau Road small bay warehouse and receiving completion certificates for our Gum Tree 5 mixed-use development in Cayman in the fourth quarter of 2023. We continue to execute on our Green Certification Policy initiatives which is to operate and maintain environmentally sustainable operations across our properties and have launched an education programme amongst our tenants and other stakeholders in this regard.”
Balance Sheet Highlights
As September 30, 2023, assets totalled US$70.17 million, 20% more than the US$58.61 million booked as at September 30, 2022. The growth was mainly due to the 35% increase in ‘Investment property’ to US$54.13 million (2022: US$40.03 million).
Shareholder’s equity was US$45.50 million (2022: $US43.16 million), representing a book value per share of US$0.051 (2022: US$0.049).
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