PULS reports 22% increase in year end net profit

September 26, 2022
Pulse Investments Limited (PULS)

Audited results for the year ended June 30, 2022:-

Pulse Investments Limited (PULS), for the year ended June 30, 2022 reported in an increase in revenue of 15% year on year, closing the year at $930.60 million, up from $807.03 million in 2021, while for the fourth quarter revenue amounted to $262.22 million down 5% compared to the $276.47 million booked in 2021. This increase in revenue was largely driven by increases in Adveritising entitlements and Rental of properties amounting to $490.72 million (2021: $438.8 million) and $131.75 million (2021: $103.6 million) respectively.

Administrative and Other Expenses decreased 29%, closing the year at $270.93 million relative to $383.03 million of last year. This resulted in gross profit increasing by 56%, closing the year at $659.68 million compared to the $424.01 million posted in 2021. For the quarter, however, PULS booked gross profit of $178.97 million compared to a gross profit of $83.36 million documented in the prior comparable period.

Other income amounted to $1.27 billion, an increase of 13% on the $1.12 billion recorded for the 2021 financial year.  This figure is mainly comprised of $1.26 billion in fair value adjustments.

This resulted in an operating profit of $1.93 billion, an increase of 25% relative to the $1.55 billion recorded last year. Finance Cost rose by 52%, closing the year at $44.83 million (2021: $29.56 million).

Taxes of $97.69 million (2021: $47.66 million) were deducted for the year subsequent to a pre-tax profit of $1.88 billion (2021: $1.52 billion).

Lastly, Net Profit rose by 22%, closing the year at $1.79 billion, up from $1.47 billion a year ago, while for the quarter Net Profit totalled $513.90 million relative to $541 million reported in 2021, a 5% decrease.

Total Comprehensive Income for the year amounted to $1.85 billion relative to the $1.53 billion booked in 2021, an uptick of 21%.

Earnings per share amounted to $0.27 for the year relative to $0.23 in 2021. For the quarter, EPS closed at $0.08 (2020: $0.08). The number of shares used in the calculations is 6,522,952,176 units. PULS last traded on September 26, 2022 at $3.77 with a corresponding P/E of 13.76 times. 

Balance Sheet Highlights:

Assets totalled $9.32 billion, a year over year increase of 36% relative to the $6.83 billion booked the year prior. This movement was driven by an increase in ‘Investment Properties’ which closed at $6.91 billion (2021: $5.06 billion) and ‘Advertising Entitlements’ totalling $1.81 billion (2021: $1.32 billion).

Shareholder’s Equity as at June 30, 2021 stood at $7.44 billion (2021: $5.59 billion) resulting in book value per share of $4.56 (2021: $3.43).



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