August 15, 2023
Eppley Caribbean Property Fund Limited SCC (CPFV) for the nine months ended June 30, 2023, reported a 10% increase in total investment income totalling BDS$10.07 million compared to BDS$9.12 million in the corresponding period last year. Total investment income for the third quarter had a 42% decrease to close at BDS$1.92 million compared to BDS$3.31 million for the comparable quarter of 2022.
Of the nine-month total investment income, interest income and other income amounted to BDS$558,738 (2022: BDS$553,416), this represents an increase of 1% year over year and fair value gains on investment property increased by 230% to BDS$3.70 million compared to BDS$1.12 million for the nine months ended June 30, 2022.
Operating expenditure for the nine months ended June 30, 2023, amounted to BDS$2.95 million, a 16% increase relative to BDS$2.55 million reported in 2022. The largest contributor to this increase was interest expense, which grew by 18% to close at BDS$1.12 million (2022: BDS$947,465) followed by professional fees, which grew 19% from BDS$353,268 in 2022 to BDS$421,049 in the period under review.
Profit before tax for the nine months amounted to BDS$7.12 million, an 8% increase relative to BDS$6.57 million reported in 2022. Profit before tax for the third quarter amounted to BDS$817,082 (2022: BDS$2.43 million).
Taxation totalled BDS$176,666, a 20% increase from the corresponding period last year (2022: BDS$146,694). Net profit for the nine months amounted to BDS$6.94 million, an 8% increase from the BDS$6.42 million reported in 2022. For the third quarter, net profit was BDS$734,139 (2022: BDS$2.39 million).
Earnings per share (EPS) for the nine months amounted to BDS$0.05/J$3.96 (2022: BDS$0.05/J$3.57), while EPS for the quarter totalled BDS$0.01/J$0.42 (2022: BDS$0.02/J$1.33). The twelve-month trailing EPS was BDS$0.07/J$5.72 and the number of shares used in these calculations was 136,044,964.
Notably, CPFV’s stock price closed the trading period on August 15, 2023, at a price of J$41.95 with a corresponding P/E ratio of 7.33x.
Balance Sheet Highlights
The company’s assets totalled BDS$138.57 million (2022: BDS$130.36 million). This increase was largely due to investment properties, which grew 17% from BDS$74.04 million in 2022 to BDS$86.67 million in 2023.
Total shareholder’s equity was BDS$108.64 million (2022: BDS$103.43 million), representing a book value per share of BDS$0.80 (2022: BDS$0.76).
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