JAM | Sep 28, 2022

Pulse posts 22% rise in year-end net profit

/ Our Today

Reading Time: 2 minutes

Revenues advanced by 15% year on year, closing the year at J$930.60 million

Durrant Pate/Contributor

Fashion, media, entertainment and real estate company, Pulse Investments Limited has recorded a 22 per cent rise in its year-end net profits, closing the 2021-2022 financial year at J$1.79 billion, up from $1.47 billion a year ago.

For the June fourth quarter, the Kingsley Cooper-led company made net profit of $513.90 million relative to J$541 million reported in 2021, which was a five per cent decrease. Total Comprehensive Income for the year amounted to J$1.85 billion relative to the J$1.53 billion booked in 2021, an uptick of 21 per cent.

Taxes of J$97.69 million was incurred for the year, up from J$47.66 million booked last year. Earnings per share for the year amounted to J$0.27 relative to J$0.23 in 2021.

Pulse saw a 15 per cent year-on-year rise in revenue, which closed the year at J$930.60 million, up from J$807.03 million in 2021, while for the fourth quarter revenue amounted to J$262.22 million, down five per cent compared to the J$276.47 million booked in 2021. 

This increase in revenue was largely driven by increases in advertising entitlements and rental of properties, amounting to J$490.72 million (2021: J$438.8 million) and J$131.75 million (2021: J$103.6 million) respectively.

Sharp decline in expenses

Administrative and other expenses decreased 29 per cent, closing the year at J$270.93 million relative to J$383.03 million of last year. This resulted in gross profit increasing by 56 per cent, closing the year at J$659.68 million compared to the J$424.01 million posted in 2021.

Kingsley Cooper, chairman of Pulse Investments Limited. (Photo: Facebook @PulseWorld360)

For the last quarter, Pulse booked gross profit of J$178.97 million compared to a gross profit of J$83.36 million documented in the prior comparable period. Other income amounted to J$1.27 billion, an increase of 13 per cent on the J$1.12 billion recorded for the 2021 financial year. 

This figure is mainly comprised of J$1.26 billion in fair value adjustments. This resulted in an operating profit of J$1.93 billion, an increase of 25 per cent relative to the J$1.55 billion recorded last year.

Finance cost rose by 52 per cent, closing the year at J$44.83 million (2021: J$29.56 million). Assets totalled J$9.32 billion, a year over year increase of 36 per cent relative to the J$6.83 billion booked the year prior.

This movement was driven by an increase in ‘Investment Properties’ which closed at J$6.91 billion (2021: J$5.06 billion) and ‘Advertising Entitlements’ totalling J$1.81 billion (2021: J$1.32 billion). Shareholder’s Equity as at June 30, 2021 stood at J$7.44 billion (2021: J$5.59 billion) resulting in book value per share of J$4.56 (2021: J$3.43).


What To Read Next