Profits grew by 21.6% to $1.79 billion last year

Durrant Pate/Contributor

Entertainment, media and real estate company, Pulse Investments attained 10 consecutive years of growth in 2022 as it has expanded its property portfolio.

The company’s annual report for 2022, which was recently filed with the Jamaica Stock Exchange (JSE), shows profits up by 21.6 per cent last month, moving from J$1.47 billion in 2021 to J$1.79 billion in 2022. Income moved by 14 per cent, from J$1.93 billion in 2021 to J$2.2 billion in 2022.

With this year’s results, Pulse has now recorded 10 consecutive years of growth, moving from J$339 million in revenues and J$128 million in profit for the year ended June 30, 2013 to $2.2 billion in revenues and $1.79 billion in profits for the year ended June 2022. This represents growth of 549 per cent in revenues and 1,298 per cent in profits over the past decade.

Also noteworthy is the growth in stock price over the period, moving from J$1.60 per unit at the close of the June 2013 financial year to J$98.88 at June 30, 2022 (J$4.12 adjusted for the 6 to 1 and 4 to 1 stock splits that took place over the same period), a growth of 6,080 per cent.

Company Chairman Kingsley Cooper commented that”this performance earned Pulse Best Performing Company and Best Performing Company, First Runner up awards from the JSE on multiple occasions”.

Expanding property portfolio

Pulse’s property portfolio exceeded J$6 billion for the first time last June, representing the completion of the 70-unit lifestyle village at Villa Ronai and the start of construction of the 30-home development in the valley at Ronai. Pulse acquired property adjacent to Villa Ronai in 2021 and now holds a purchase option for just under four acres of development lands also adjacent to Ronai.

Cooper explained that “these property acquisitions and expansions are further enhanced by the strong gains in property values now being experienced across the board, both residential and commercial. The gains have positively impacted the value of the company’s 50-unit commercial rental business at Trafalgar, where it also has its corporate offices, as well as its 26-room boutique hotel property”.

Total assets topped J$9 billion ($9.32 billion) for the first time, moving from J$6.91 billion in 2021. Administrative and other expenses fell from J$383 million in 2021 to J$270.9 million last year, largely reflecting the fact that no advertising entitlements were utilised this year.

Compared to prior year, gains were recorded across most lines of business including rental income, media (mainly television), sponsorships, hospitality, branding and model commissions, as well as investment property. Pulse continues to be guided by its mantra – Leisure, Lifestyle Living!

According to the Pulse chairman, “with property at its core, allied to a diverse range of business lines, most within the creative industries, Pulse operations reflect this unique synergistic mix. These include property development, property sales, property rentals (residential and commercial), guest accommodations, attractions, wedding centre, as well as externally operated spas and restaurants”.

These, he concludes, will be supported and complemented by Pulse media, fashion and model management.