September 26, 2019

Pulse Investments Limited (PULS), for the year ended June 30, 2019 reported that Revenue increased 40% year on year, closing the year at $619.88 million, up from $444.04 million in 2018, while for the fourth quarter revenue amounted to $274.56 million up 110% compared to the $130.81 million booked in 2018.

Administrative and Other Expenses increased 47%, closing the year at $376.59 million relative to $256.86 million of last year. This resulted in operating profit increasing by 30%, closing the year at $243.29 million compared to the $187.18 million posted in 2018. For the quarter, however, operating profit saw a growth of 181% to end the period at $41.53 million (2018: $14.78 million).

Other income amounted to $439.80 million, a significant increase of 168% on the $163.95 million recorded for the 2018 financial year. The main contributor to the increase year over year was “fair value appreciation on investment property” which closed at $435.15 million relative to $162.91 million in the prior year.

This resulted in Profit before finance costs of $683.09 million, an increase of 95% relative to the $351.13 million recorded last year. Finance Cost rose by 7%, closing the year at $6.36 million (2018: $5.95 million).

Taxes of $23.49 million were deducted for the year subsequent to a pre-tax profit of $676.73 million (2018: $345.18 million).

Lastly, Net Profit rose by 116%, closing the year at $653.24 million, up from $301.83 million a year ago, while for the quarter Net Profit totalled $324.23 million relative to $41.83 million reported in 2018, a 675% growth.

Total Comprehensive Income for the year amounted to $687.88 million relative to the $315.38 million booked in 2018, a huge uptick of 118%.

Earnings per share amounted to $0.40 for the year relative to $0.19 in 2018. The number of shares used in the calculations is 1,630,738,044 units. PULS last traded on September 26, 2019 at $ 3.53.

Balance Sheet Highlights:

Assets totalled $3.65 billion, a year over year increase of 26% relative to the $2.90 billion booked the year prior. This movement was driven by an increase in ‘Investment Properties’ which closed at $2.33 billion (2018: $1.74 billion) and ‘Advertising Entitlements’ totalling $868.76 million (2018: $715.04 million).

Shareholder’s Equity as at June 30, 2019 stood at $3.24 billion (2018: $2.58 billion) resulting in book value per share of $1.99 (2018: $1.58).

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