Group recorded 15% increase in profits compared to the same period last year

With its latest equity offer set to close today (May 10), Kingston Properties Limited is reporting that its profits are continuing on an upward climb as disclosed in its unaudited group financial statements for the three months ended March 31, 2022.

The group saw a 15 per cent increase in profit after taxes, moving to US$716,279 compared to the same period last year.

According to the company, the rise in profits was largely due to markets continuing their economic recovery following the peak of the COVID-19 pandemic.

“Having successfully executed several strategic acquisitions and delivering a record year in 2021, we are continuing to reap the benefits,” said Kingston Properties Limited CEO, Kevin Richards.

“The results we are seeing here are what our stakeholders have come to expect, given the trajectory we are now on.”

The Group also recorded a 12.4 per cent increase in rental revenue, moving from US$709,695 to US$797,770, and the results of operating activities before other income gains up by nine per cent year on year, moving to US$475,497.

Total assets stood at US$50.9 million as of March 31, 2022 compared to US$44.4 million the previous year, an increase of 14.6 per cent. This increase was primarily attributed to additions to the property portfolio, higher fair values on some of its properties and higher year on year cash and cash equivalent balances amounting to US$3.0 million in 2022 compared to US$2.2 million in With the current public set to close today, Richards said the proceeds will, among other things, significantly increase the value of its property portfolio.

The Group reported total loans of approximately US$17.1 million as of March 31, 2022 compared with US$13.5 million as of March 31, 2021, representing a 26.8 per cent year-on-year increase.

“With part of the proceeds of this APO (additional public offering) to be used to repay the 13-month bridge loan of J$700 million we acquired last year, we intend to continue expanding in the current markets that we operate with a growing focus on value-add and greenfield assets,” Richards said.

The Group’s APO is expected to close today at 2:30 pm.