November 18, 2025
Eppley Caribbean Property Fund Limited SCC (CPFV)
Unaudited financials for the year ended September 30, 2025:
Eppley Caribbean Property Fund Limited SCC (CPFV) for the year ended September 30, 2025, reported a 11% increase in Total Investment Income totaling BDS$21.11 million compared to BDS$18.96 million in the corresponding period last year. Total Investment Income for the fourth quarter had a 23% increase to close at BDS$12.66 million compared to BDS$10.28 million for the comparable quarter of 2024. Of this:
- Net rental income amounted to BDS$6.98 million (2024: BDS$5.77 million), this represents an increase of 21% year over year.
- Share of profit of investments decreased by 45% to BDS$5.40 million compared to BDS$9.74 million for the year ended September 30, 2024.
- Fair Value gains on investment property amounted to BDS$7.98 million (2024: BDS$2.64 million).
Fund management fees increase by 7% to closed at BDS$964,344 (2024: BDS$899,438), while Professional fees increased by 11% from BDS$546,135 in 2024 to BDS$606,080 in the period under review. Also, Interest expenses for the year ended September 30, 2025, amounted to BDS$3.32 million, a 16% increase relative to BDS$2.86 million reported in 2024 and Office and administrative fees totalled BDS$55,826 a 44% decrease from the corresponding period last year. (2024: BDS$99,919).
As a result, Operating expenditure for the year ended September 30, 2025, amounted to BDS$6.07 million, a 20% increase relative to BDS$5.08 million reported in 2024.
Profit before tax for the year ended September 30, 2025, amounted to BDS$15.04 million, a 8% increase relative to BDS$13.89 million reported in 2024. Profit before tax for the fourth quarter amounted to BDS$11.02 million (2024: BDS$8.64 million).
Taxation for the year ended September 30, 2025, had a 162% increase to reach BDS$367,044 (2024: BDS$139,997). As such, Net profit for the year amounted to BDS$14.67 million, a 7% increase from the BDS$13.75 million reported in 2024. For the fourth quarter, Net profit was BDS$10.89 million (2024: BDS$8.64 million).
CPFV attributed the performance to contractual rent escalations, improved occupancy levels, and the addition of lease income from its newly acquired property in St. Vincent. CPFV also highlighted, “We continue to assess the impact of hurricane Melissa on our portfolio, but do not anticipate that the damage will have material financial impact. We also have sufficient insurance coverage in place for all our properties to mitigate any potential impacts.”
Earnings Per Share for the year amounted to BDS$0.11 (2024: EPS: BDS$0.10), while Earnings Per Share for the quarter totaled BDS$0.08 (2024: EPS: BDS$0.06). The twelve-month trailing EPS was BDS$0.11(J$8.72) and the number of shares used in these calculations was 135,517,592.
Notably, CPFV’s stock price closed the trading period on November 17, 2025, at a price of J$44.00 with a corresponding P/E ratio of 5.05x.
Balance Sheet Highlights
The company’s assets totalled BDS$191.39 million (2024: BDS$182.61 million). The movement in total assets was influenced by a BDS$12.77 million increase in Investment properties and a BDS$8.32 million increase in Investment in associated companies and joint ventures, while Cash declined by BDS$13.46 million to partly offset the uptrend.
Shareholder’s equity was BDS$138.70 million (2024: BDS$130.98 million), representing a book value per share of BDS$0.97 (2024: BDS$1.02).
Disclaimer:
Analyst Certification – The views expressed in this research report accurately reflect the personal views of Mayberry Investments Limited Research Department about those issuer (s) or securities as at the date of this report. Each research analyst (s) also certify that no part of their compensation was, is, or will be, directly or indirectly, related to the specific recommendation(s) or view (s) expressed by that research analyst in this research report.
Company Disclosure – The information contained herein has been obtained from sources believed to be reliable, however its accuracy and completeness cannot be guaranteed. You are hereby notified that any disclosure, copying, distribution or taking any action in reliance on the contents of this information is strictly prohibited and may be unlawful. Mayberry may effect transactions or have positions in securities mentioned herein. In addition, employees of Mayberry may have positions and effect transactions in the securities mentioned herein.
