May 17, 2023
Stanley Motta Limited (SML) for the three months ended March 31, 2023:
Revenue marginally increased to $127.04 million (2022: $126.79 million). Management noted that the increase can be attributed to the stability in the USD/JMD rate over the quarter since the Company’s rental income is earned in USD. Additionally, it was highlighted that the Company maintained its occupancy level for Q1.
Other operating income declined 97% to $233,000 (2022: $8.34 million) while administrative expenses declined 39% to $41.01 million (2022: $67.56 million).
Consequently, operating profit increased 28% to $86.26 million (2022: $67.57 million).
Finance costs declined 21% to $19.61 million (2022: $24.94 million).
Profit before taxation increased 56% to $66.65 million (2022: $42.64 million). Following a 44% decline in taxation charges to $724,000 (2022: $1.30 million), net profit increased 59% to $65.92 million (2022: $41.34 million).
Total comprehensive income increased 38% to $76.57 million (2022: $55.28 million).
Earnings per share (EPS) amounted to $0.09 (2022: $0.05). The trailing twelve-month EPS amounted to $1.15. The number of shares used in the calculations is 757,828,490. SML’s stock price closed the trading period on May 16, 2023 at $5.00 with a corresponding P/E ratio of 4.34x.
Balance Sheet Highlights:
Total assets as at March 31, 2023 increased 12% to $7.34 billion (2022: $6.58 billion). This movement was primarily due to a 14% increase in ‘Investment properties’ to $7.08 billion (2022: $6.19 billion).
Shareholders’ equity as at March 31, 2023 increased 15% to $6.16 billion (2022: $5.37 billion) resulting in a book value per share of $8.13 (2022: $7.09).
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