February 11, 2022
Operating revenue increased by 30% amounting to $433.42 million in the six months period relative to $333.92 million in the prior year. For the quarter, operating revenue closed at $215.51 million (2020: $167.24 million).
Administrative and other expenses amounted to $121.32 million compared to $123.85 million, a 2% decrease year over year. As a result, operating profit increased 49% closing the period at $312.10 million (2020: $210.07 million). While for the quarter, operating profit climbed 58% totalling $156.29 million (2020: $98.90 million).
Fair value appreciation on investment property rose 41% to $501.10 million compared to the $355.56 million recorded for the prior year’s corresponding period. For the quarter, fair value appreciation on investment property closed at $250.55 million (2020: $165.28 million).
Consequently, profit before net finance cost improved 44% to $813.20 million up from $565.63 million reported in the prior year. For the quarter, profit before bet finance cost amounted to $406.84 million (2020: $264.18 million).
Finance costs jumped for the six months ended December 2021 to $16.78 million relative to $4.20 million documented in the prior year. For the quarter, finance cost closed at $8.34 million (2020: $4.20 million).
As a result, net profit totalled $796.43 million, a 42% improvement relative to the $561.43 million in 2020. For the quarter, net profit closed the period at $398.50 million (2020: $259.98 million)
Gain on leasehold revaluation totalled $42.09 million versus $28.27 million a year ago. As such, total comprehensive income amounted to $838.52 million relative to $589.70 million in 2020.
The earnings per share (ESP) for the six-month period amounted to $0.12 when compared to $0.09 reported for the prior year’s corresponding period. While the EPS for the quarter amounted to $0.06 (2020: $0.04). The twelve months trailing earnings per share amounted to $0.26. The number of shares used in this calculation was 6,522,952,176 units. The stock traded at $4.17 as at February 10, 2022, with a corresponding P/E of 15.96 times.
Balance Sheet Highlights:
The company as at December 31, 2021, recorded total assets of $7.80 billion, an increase of 48% when compared to $5.27 billion recorded last year. This was due to an increase in the company’s ‘Investment Properties’ which moved up to $5.58 billion, $2.13 billion more than 2020’s $3.45 billion.
Total Stockholders’ Equity as at December 31, 2021 closed at $6.43 billion, a 37% increase from $4.68 billion for the corresponding period last year. This resulted in a book value of $0.99 compared to the value of $0.72 as at December 31, 2020.
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