February 14, 2023
Operating revenue increased by 21% amounting to $522.59 million in the six months period relative to $433.42 million in the prior year. For the quarter, operating revenue closed at $265.00 million (2021: $215.51 million).
Administrative and other expenses amounted to $136.05 million compared to $121.32 million, a 12% increase year over year. As a result, operating profit increased 24% closing the period at $386.54 million (2021: $312.10 million). While for the quarter, operating profit climbed 32% totalling $206.45 million (2021: $156.29 million).
Fair value appreciation on investment property rose 60% to $803.23 million compared to the $501.10 million recorded for the prior year’s corresponding period. For the quarter, fair value appreciation on investment property closed at $401.62 million (2021: $250.55 million).
Consequently, profit before net finance cost improved 46% to $1.19 billion up from $813.20 million reported in the prior year. For the quarter, profit before bet finance cost amounted to $608.06 million (2021: $406.84 million).
Finance costs jumped for the six months ended December 2022 to $40.38 million relative to $16.78 million documented in the prior year. For the quarter, finance cost closed at $20.70 million (2021: $8.34 million).
As a result, net profit totalled $1.15 billion, a 44% improvement relative to the $796.43 million in 2021. For the quarter, net profit closed the period at $587.37 million (2021: $398.50 million)
Total comprehensive income amounted to $1.19 billion relative to $838.52 million in 2021.
The earnings per share (EPS) for the six-month period amounted to $0.18 when compared to $0.12 reported for the prior year’s corresponding period. While the EPS for the quarter amounted to $0.09 (2021: $0.06). The twelve months trailing earnings per share amounted to $0.33. The number of shares used in this calculation was 6,522,952,176 units. The stock traded at $2.92 as at February 14, 2023, with a corresponding P/E of 8.90 times.
Balance Sheet Highlights:
The company as at December 31, 2022, recorded total assets of $10.64 billion, an increase of 36% when compared to $7.80 billion recorded last year. This was due to an increase in the company’s ‘Investment Properties’ which moved up to $7.32 billion, $1.74 billion more than 2021’s $5.58 billion.
Total Stockholders’ Equity as at December 31, 2022 closed at $8.64 billion, a 34% increase from $6.43 billion for the corresponding period last year. This resulted in a book value of $1.32 compared to the value of $0.99 as at December 31, 2021.
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