November 15, 2024
KINGSTON PROPERTIES LIMITED (KPREIT)
Unaudited financials for the nine months ended September 30, 2024:
KINGSTON PROPERTIES LIMITED (KPREIT) for the nine months ended September 30, 2024 reported a 30% increase in Total operating revenues totaling US$3.48 million compared to US$2.67 million in the corresponding period last year. Total operating revenues for the third quarter had a 22% increase to close at US$1.15 million compared to US$939,184 for the comparable quarter of 2023.
Operating Expenses amounted to US$1.49 million (2023: US$1.04 million), this represents an increase of 43% year over year. Consequently, results of operating activities before other income/gains increased by 22% to US$1.99 million compared to US$1.63 million for the nine months ended September 30, 2023. The company booked results of operating activities before other income/gains of US$491,143 for the third quarter versus US$583,336 reported for the similar quarter of 2023.
Miscellaneous expenses increased by 192% from US$47,057 in 2023 to US$137,392 in the period under review. As a result, results of operating activities for the nine months ended September 30, 2024 amounted to US$3.17 million, a 51% increase relative to US$2.09 million reported in 2023.
Finance Cost for the nine months ended September 30, 2024, amounted to $1.07 million, a 42% increase relative to $752,476 reported in 2023. Finance Cost for the third quarter amounted to US$369,142 (2023: US$281,108). Net finance cost totaled US$942,921, an 84% increase from the corresponding period last year. (2023: US$512,300).
Profit before Income Tax for the nine months ended September 30, 2024, amounted to US$2.23 million, a 41% increase relative to US$1.58 million reported in 2023. Profit before Income Tax for the third quarter amounted to US$793,702 (2023: US$416,060).
Taxation charge for the nine months ended September 30, 2024 had a 201% increase to reach US$36,508 (2023: $12,141) . Profit for the nine months amounted to US$2.19 million, a 40% increase from the US$1.57 million reported in 2023. For the third quarter, Profit for the period was US$766,677 (2023: US$400,519).
Consequently, Earnings Per Share for the nine months amounted to US$0.0025 (2023: EPS: US$0.0018), while Earnings Per Share for the quarter totaled US$0.0009 (2023: EPS: US$0.0005). The twelve month trailing EPS was US$0.06 and the number of shares used in these calculations was 884,000,000.
Notably, KPREIT’s stock price closed the trading period on November 14, 2024 at a price of $9.25 with a corresponding P/E ratio of 9.78x.
Balance Sheet Highlights
The company’s assets totaled US$77.37 million (2023: US$70.17 million). The movement in total assets was mainly influenced by US$12.62 million increase in ‘Investment properties’ amounting to US$66.75 million (2023: US$54.13 million).
Shareholder’s equity was US$49.56 million (2023: US$45.50 million), representing a book value per share of US$0.06 (2023: US$0.05).
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