May 16, 2023
Pulse Investment Limited (PULS) recorded operating revenue of $793.14 million, up 19% from the $668.38 million reported in 2022, while operating revenue for the quarter was up 15% to close at $270.55 million (2022: $234.96 million).
Administrative and other expenses grew by 10%, closing the nine-month period at $205.80 million (2022: $187.68 million).
Operating profit increased 22%, closing the nine months at $587.34 million (2022: $480.70 million). Operating profit for the quarter amounted to $200.80 million relative to $168.60 million in the previous comparable quarter.
For the nine-month period, fair value appreciation on investment property of $1.20 billion was recorded, a 47% increase on the $817.07 million recorded for the corresponding period of 2022.
As a result, profit before net finance costs totalled $1.79 billion relative to the $1.30 billion in 2022. While for the quarter, profit before net finance costs amounted to $602.42 million (2022: $484.57 million).
Finance cost increased by 144%, closing the nine months period at $61.03 million (2022: $25.03 million).
Consequently, net profit grew by 36%, closing the nine-month period at $1.73 billion, up from $1.27 billion a year ago. Net profit for the quarter amounted to $581.77 million, a 22% increase relative to $476.32 million reported in the same quarter of 2022.
Total comprehensive income for the nine months amounted to $1.80 billion (2022: $1.34 billion). While for the quarter, total comprehensive income amounted to $604.42 million (2022: $497.36 million).
EPS amounted to $0.09 (2022: $0.07) for the quarter while for the nine months EPS totalled $0.27 (2022: $0.20). The twelve-month trailing EPS amounted to $0.34. The number of shares used in the calculations is 6,522,952,176 units. PULS last traded on May 16, 2023 at $2.78 with a corresponding P/E of 8.08x.
Balance Sheet Highlights
Total assets as at March 31, 2023 amounted to $11.25 billion, a year over year increase of 6% relative to the $10.64 billion booked the year prior. This was mainly due to a $436.62 million increase in ‘Investment Property’ to $7.76 billion (2022: $7.32 billion).
Shareholder’s equity as at March 31, 2023 stood at $9.24 billion (2022: $8.64 billion) resulting in book value per share of $5.67 (2022: $5.30).
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