March 04, 2025
KINGSTON PROPERTIES LIMITED (KPREIT)
Audited financials for the twelve months ended December 31, 2024:
KINGSTON PROPERTIES LIMITED (KPREIT) for the twelve months ended December 31, 2024, reported a 22% increase in Total operating revenues totaling US$4.84 million compared to US$3.98 million in the corresponding period last year. Total operating revenues for the fourth quarter had a 4% increase to close at US$1.36 million compared to US$1.31 million for the comparable quarter of 2023.
Operating Expenses amounted to US$2.07 million (2023: US$1.53 million), this represents an increase of 35% year over year. Consequently, results of operating activities before other income increased by 13% to US$2.77 million compared to US$2.45 million for the twelve months ended December 31, 2023. The company booked results of operating activities before other income of US$784,695 for the fourth quarter versus US$824,707 reported for the similar quarter of 2023.
Fair value gain on investment properties increased by 16% to close at US$3.05 million (2023: US$2.62 million. Gains on disposal of investment property amounted to US$1.53 million (2023: US$442,946) while Impairment loss on financial assets totaled US$301,521 (2023: US$92,082). Additionally, Fees and other expenses amounted to US$ 200,071 (2023: US$71,319) and loss in the fair value of other investments amounted to US$14,087. As a result, Operating profit for the twelve months ended December 31, 2024, amounted to US$6.84 million, a 28% increase relative to US$5.35 million reported in 2023.
Finance Cost for the twelve months ended December 31, 2024, amounted to US$1.53 million, a 59% increase relative to US$962,851 reported in 2023. Finance Cost for the fourth quarter amounted to US$589,561 (2023: US$450,551). Finance income decreased by 66% to reach US$96,918 (2023: US$282,027). As a result, Net finance cost totaled US$1.44 million, a 111% increase from the corresponding period last year. (2023: US$680,824).
Profit before Income Tax for the twelve months ended December 31, 2024, amounted to US$5.40 million, a 16% increase relative to US$4.67 million reported in 2023. Profit before Income Tax for the fourth quarter amounted to US$3.17 million (2023: US$3.09 million).
The tax charge for the twelve months ended December 31, 2024 increased by 19% to reach US$25,570 (2023: US$21,547). Consequently, Profit for the year for the twelve months amounted to US$5.37 million, a 16% increase from the $4.65 million reported in 2023. For the fourth quarter, Profit for the year was US$3.18 million (2023: US$3.08 million).
Consequently, Earnings Per Share for the twelve months amounted to US$0.01 (2023: EPS: US$0.01), while Earnings Per Share for the quarter totaled US$0.0036 (2023: EPS: US$0.0035). The number of shares used in these calculations was 884,000,000.
Notably, KPREIT’s stock price closed the trading period on March 03, 2025, at a price of $8.91 with a corresponding P/E ratio of 9.38x.
Balance Sheet Highlights
The company’s assets totalled US$86.60 million (2023: US$70.96 million). The movement in total assets was mainly influenced by US$16.55 million increase in ‘Investment properties’ amounting to US$75.72 million (2023: US$59.18 million).
Shareholder’s equity was US$51.81 million (2023: US$47.87 million), representing a book value per share of US$0.06 (2023: US$0.05).
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