May 16, 2025
KINGSTON PROPERTIES LIMITED(KPREIT)
Unaudited financials for the first quarter ended March 31, 2025:
KINGSTON PROPERTIES LIMITED (KPREIT) for the first quarter ended March 31, 2025, reported a 24% increase in total operating revenues totaling US$1.38 million compared to US$1.11 million in the corresponding three months last year.
Year to date, Operating Expenses amounted to US$583,539 (2024: US$389,089), this represents an increase of 50% year over year. Consequently, results of operating activities before other income increased by 11% to US$799,769 compared to US$722,901 for the first quarter ended March 31, 2024.
Fair value gain on investment properties decreased by 37% to close at US $371,908 (2024: US $592,737), while gain on disposal of investment properties amounted to US$96,639 (2024: nil). Management fees for the period under review increased 4% from US$32,354 in 2024 to reach US$33,600 while other expenses amounted to US$13,437 (2024: US$69,084). Consequently, Results of operating activities for the first quarter amounted to US$1.29 million, a 1% increase relative to US $1.28 million reported in 2024.
Net finance costs totaled US $392,597, an 18% increase from the corresponding period last year. (2024:US$332,551).
Profit before Income Tax for the first quarter ended March 31, 2025, amounted to $895,942, a 5% decrease relative to US$946,357 reported in 2024.
The tax credit for the three months amounted US$105, 495 (2024: nil) . Profit for the year for the three months amounted to US $1.00 million, a 6% increase from the US$946,357 reported in 2024.
Consequently, Earnings Per Share for the three months amounted to US 0.1133 cents (2024: EPS: US 0.1071 cents). The twelve-month trailing EPS was J$0.96, and the number of shares used in these calculations was 884,000. Notably, KPREIT’s stock price closed the trading period on May 15, 2025, at a price of $9.41 with a corresponding P/E ratio of 9.77x.
Balance Sheet Highlights
The company’s assets totaled US$88.38 million (2024: US$71.58 million). The movement in total assets was mainly influenced by US$23.09 million increase in ‘Investment properties’ amounting to US$76.93 million (2023: US$53.83 million).
Shareholder’s equity was US$52.81 million (2024: US$48.82 million), representing a book value per share of US$0.60 (2024:US$0.55).
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