November 25, 2024
Eppley Caribbean Property Fund Limited SCC (CPFV)
Unaudited financials for the year end ended September 30, 2024:
Expressed in Barbados dollars unless otherwise stated:
Eppley Caribbean Property Fund Limited SCC (CPFV) for the year end ended September 30, 2024, reported a 12% decrease in Total Investment Income totaling BDS$18.96 million compared to BDS$21.54 million in the corresponding period last year. Total Investment Income for the fourth quarter had a 10% decrease to close at BDS$10.28 million compared to BDS$11.47 million for the comparable quarter of 2023. Of this:
- Net rental income amounted to BDS$5.77 million (2023: BDS$4.33 million), this represents an increase of 33% year over year.
- Fair value gains on investment property decreased by 80% to BDS$2.64 million compared to BDS$13.44 million for the year end ended September 30, 2023.
- Share of profit of investments accounted for using the equity method increased by 294% to close at BDS$9.74 million (2023: BDS$2.47 million).
- Interest Income decreased by 2% from BDS$831,540 in 2023 to BDS$811,462 in the period under review.
Interest expenses for the year end ended September 30, 2024, amounted to BDS$2.86 million, an 84% increase relative to BDS$1.55 million reported in 2023.
Office and administrative fees totalled BDS$99,919 a 11% increase from the corresponding period last year. (2023: BDS$90,212).
Fund Management fees amounted to BDS$899,438 (2023: BDS$809,965).
Investment advisor fees amounted to BDS$899,438 (2023: BDS$809,965).
Professional fees amounted to BDS$546,135 (2023: BDS$525,273).
As a result, Total operating expenditure for the year end ended September 30, 2024, amounted to BDS$5.08 million, a 33% increase relative to BDS$3.82 million reported in 2023. Total operating expenditure for the fourth quarter totalled BDS$1.64 million (2023: BDS$872,129).
Consequently, Profit before tax for the year end ended September 30, 2024, amounted to BDS$13.89 million, a 22% decrease relative to BDS$17.71 million reported in 2023. Profit before tax for the fourth quarter amounted to BDS$8.64 million (2023: BDS$10.59 million).
CPFV highlighted, “The variance in the year-over-year performance was driven by non-cash, fair value increases in 2023 that were not repeated in 2024. All other key performance indicators continue to remain positive and in line with the Fund’s strategy.”
Taxation for the year end ended September 30, 2024, had a 41% decrease to reach BDS$139,997 (2023: BDS$236,400). As such, Net profit for the year end amounted to BDS$13.75 million, a 21% decrease from the BDS$17.48 million reported in 2023. For the fourth quarter, Net profit was BDS$8.64 million (2023: BDS$10.54 million).
Earnings Per Share for the year end amounted to BDS$0.10 (2023: EPS: BDS$0.13), while Earnings Per Share for the quarter totaled BDS$0.06 (2023: EPS: BDS$0.08). The twelve-month trailing EPS was JMD$7.85 and the number of shares used in these calculations was 135,517,592.
Notably, CPFV’s stock price closed the trading period on November 22, 2024, at a price of JMD$34.87 with a corresponding P/E ratio of 4.44x.
Balance Sheet Highlights
The company’s assets totalled BDS$182.61 million (2023: BDS$157.91 million). The growth in total assets was primarily driven by a BDS$10.91 million uptick in ‘Cash and cash equivalents’, a BDS$7.15 million increase in ‘Investment in associated companies’ as well as a BDS$5.45 million growth in ‘Investment properties’.
Shareholder’s equity was BDS$130.98 million (2023: BDS$119.82 million), representing a book value per share of BDS$0.97 (2023: BDS$0.88).
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