February 08, 2021
Operating revenue increased by 7% amounting to $333.92 million in the six months period relative to $312.48 million in the prior year. For the quarter, operating revenue closed at $167.24 million (2019: $163.21 million).
Administrative and other expenses amounted to $123.85 million compared to $127.41 million, a 3% decrease year over year. As a result, operating profit increased 14% closing the period at $210.07 million (2019: $185.07 million). While for the quarter, operating profit climbed 15% totalling $98.90 million (2019: $86.13 million).
Fair value appreciation on investment property rose 22% to $355.56 million compared to the $290.82 million recorded for the prior year’s corresponding period. For the quarter, fair value appreciation on investment property closed at $165.28 million (2019: $145.41 million).
Consequently, profit before net finance cost improved 19% to $565.63 million up from $475.89 million reported in the prior year. For the quarter, profit before bet finance cost amounted to $264.18 million (2019: $231.55 million).
Finance costs jumped for the six months ended December 2020 to $4.20 million relative to $2.92 million documented in the prior year. For the quarter, finance cost closed at $4.20 million (2019: $1.29 million).
As a result, net profit totalled $561.42 million, a 19% improvement relative to the $473.02 million in 2019. For the quarter, net profit closed the period at $259.98 million (2019: $230.31 million)
Gain on leasehold revaluation totalled $28.27 million versus $27.52 million a year ago. As such, total comprehensive income amounted to $589.70 million relative to $500.54 million in 2019.
The earnings per share (ESP) for the six-month period amounted to $0.09 when compared to $0.07 reported for the prior year’s corresponding period. While the EPS for the quarter amounted to $0.04 (2019: $0.04). The twelve months trailing earnings per share amounted to $0.14. The number of shares used in this calculation was 1,630,738,044 units. The stock traded at $4.93 as at February 05, 2021, with a corresponding P/E of 34.62
Balance Sheet Highlights:
The company as at December 31, 2020, recorded total assets of $5.27 billion, an increase of 21% when compared to $4.34 billion recorded last year. This was due to an increase in the company’s ‘Investment Properties’ which moved up to $3.45 billion, $760.47 million more than 2019’s $2.89 billion.
Total Stockholders’ Equity as at December 31, 2020 closed at $4.68 billion, a 25% increase from $3.74 billion for the corresponding period last year. This resulted in a book value of $0.72 compared to the value of $0.57 as at December 31, 2019.
Disclaimer:
Analyst Certification -The views expressed in this research report accurately reflect the personal views of Mayberry Investments Limited Research Department about those issuer (s) or securities as at the date of this report. Each research analyst (s) also certify that no part of their compensation was, is, or will be, directly or indirectly, related to the specific recommendation(s) or view (s) expressed by that research analyst in this research report.
Company Disclosure -The information contained herein has been obtained from sources believed to be reliable, however its accuracy and completeness cannot be guaranteed. You are hereby notified that any disclosure, copying, distribution or taking any action in reliance on the contents of this information is strictly prohibited and may be unlawful. Mayberry may effect transactions or have positions in securities mentioned herein. In addition, employees of Mayberry may have positions and effect transactions in the securities mentioned herein.
