April 27, 2023
Stanley Motta Limited (SML) for the twelve months ended December 31, 2022, booked a 1% increase in revenue to total $499.37 million compared to $492.62 million for the same period in 2021. For the fourth quarter revenue decreased 0.01%% to $125.95 million in 2022 compared to $125.95 million the previous year. Commenting on revenue growth SML noted, “this was drive by an increase in rental rates for a third of the space and the net effect of a movement in the Jamaican dollar during the year.”
Administrative expenses amounted to $179.77 million (2021: $179.61 million), while other operating income totalled $11.79 million (2021: $40.13 million).
This translated into operating profit increasing to $331.39 million when compared to last period’s $352.18 million. For the quarter, operating profit increased 46% to close the period at $97.18 million (2021: $66.38 million).
Finance costs of $89.65 million (2021: $102.92 million) was recorded for the period. For the quarter, finance cost amounted to $32.91 million (2021: $11.40 million). Management noted, “ Finance costs of $74.4M for 2022 includes a one time cost relating to the refinancing of the USD loan. It also includes non-cash adjustment relating to IFRS 16 (Leases).”
Revaluation gain on investment property grew 11% to $616.83 million compared to $554 million in 2021.
As such, profit before tax grew 7% to $858.57 million for the period ended December 31, 2022 relative to $803.25 million in 2021. As for the quarter, profit before tax closed the period at $681.11 million versus $715.13 million in the prior corresponding quarter.
Net profit for the period totalled $848.58 million (2021: $798.30 million) after incurring taxes of $9.99 million (2021: $4.95 million). While for the quarter, net profit of $674.88 million was recorded (2021: $714.31 million).
Total comprehensive income of $840.57 million (2021: $877.29 million) while for the quarter, SML reported total comprehensive income of $699.32 million in 2022 relative to $721.39 million in 2021.
Earnings per share (EPS) for the period totalled $1.12 (2021: $1.05). EPS for the third quarter amounted to $0.89 (2021: $0.94). The number of shares used in our calculations amounted to 757,828,490 units. SML’s stock price closed the trading period on APRIL 26,2023, at $5.80, with a corresponding P/E of 5.18 times.
Balance Sheet at a glance:
As at December 31, 2022, total assets amounted to $7.19 billion, up from the balance of $6.52 billion in 2021. The increase in total assets was as a result of the increase in ‘Investment Property’ which increased to $6.86 billion in 2022 from $6.17 billion in 2021.
Shareholders’ Equity of $6.08 billion was reported (2021: $5.43 billion) which resulted in a book value per share of $8.02 (2021: $7.17).
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