August 15, 2024
KINGSTON PROPERTIES LIMITED (KPREIT)
Unaudited financials for the six months ended June 30, 2024:
Expressed in US$ unless stated otherwise
Kingston Properties Limited (KPREIT) for the six months ended June 30, 2024, reported a 35% increase in Total operating revenues totaling $2.33 million compared to $1.73 million in the corresponding period last year. Total operating revenues for the second quarter had a 40% increase to close at $1.22 million compared to $870,842 for the comparable quarter of 2023.
Operating Expenses amounted to $837,182 (2023: $688,412), this represents an increase of 22% year over year. Consequently, results of operating activities before other income increased by 43% to $1.50 million compared to $1.04 million for the six months ended June 30, 2023. The company booked results of operating activities before other income of $772,615 for the second quarter versus $520,275 reported for the similar quarter of 2023.
Miscellaneous Expenses increased by 80% from $44,807 in 2023 to $80,581 in the period under review. Operating Profit for the six months ended June 30, 2024, amounted to $2.07 million, a 41% increase relative to the $1.46 million reported in 2023.
Finance Cost for the six months ended June 30, 2024, amounted to $698,529, a 48% increase relative to the $473,308 reported in 2023. Finance Cost for the second quarter amounted to $347,316 (2023: $284,404). Net finance costs totalled $635,479, a 106% increase from the corresponding period last year. (2023: $308,441).
Profit before Income Tax for the six months ended June 30, 2024, amounted to $1.43 million, a 24% increase relative to $1.15 million reported in 2023. Profit before Income Tax for the second quarter amounted to $486,352 (2023: $322,064).
Income Tax Charge for the six months ended June 30, 2024, had a 179% increase to reach $9,483 (2023: tax credit of $3,400). Total Comprehensive Income for the Period amounted to $1.42 million, a 23% increase from the $1.16 million reported in 2023. For the second quarter, Total Comprehensive Income for the Period amounted to $476,869 (2023: $321,472).
Consequently, Earnings Per Share for the six months amounted to $0.0016 (2023: EPS: $0.0013), while Earnings Per Share for the quarter totaled $0.0005 (2023: EPS: $0.0004). The twelve-month trailing EPS was J$0.87, and the number of shares used in these calculations was 884,000,000.
Notably, KPREIT’s stock price closed the trading period on August 14, 2024, at a price of J$9.00 with a corresponding P/E ratio of 10.36x.
Balance Sheet Highlights
The company’s assets totalled $76.28 million (2023: $60.56 million). This increase was attributable to ‘Investment Properties’ which amounted to $57.63 million for the period under review (2023: $38.99 million).
Shareholder’s equity was $48.80 million (2023: $45.09 million), representing a book value per share of $0.06 (2023: $0.05).
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