Pulse touts decade of growth
Amid an expanding property portfolio, lifestyle and real estate company Pulse investments Limited said it has, up to the last financial year ended June, witnessed 10 consecutive years of growth.
The company, in its audited financial statements filed with the Jamaica Stock Exchange (JSE) this week, for the 12-month period, reported profits of $1.79 billion — up 21.6 per cent backed by income of $2.2 billion, up 14 per cent.
“Interestingly, with this year’s results, Pulse has now recorded 10 consecutive years of growth, moving from $339 million in revenues and $128 million in profit during the year ended June 30, 2013 to $2.2 billion in revenues and $1.79 billion in profits this June.
“This represents growth of 549 per cent in revenues and 1,298 per cent in profits over the past 10 years,” commented Chairman Kingsley Cooper.
Noting further growth across the 10-year period, Cooper said the stock price has also seen considerable growth, “moving from $1.60 per unit at the close of the June 2013 financial year to $98.88 as at June 30, 2022 — a growth of 6,080 per cent.”
The stellar trajectory of the company’s performance the chairman said has also during the period earned it ‘Best Performing Company’ and first runner-up awards from the JSE on multiple occasions.
The company, which previously earned the bulk of its revenues from lifestyle and hospitality activities, has during the last decade significantly diversified its business, ramping up its presence in the lucrative property and real estate market. Its real estate portfolio, which comprises shops, offices, restaurants, accommodations, event venues and hotel facilities, now adds to over a dozen different streams of income for the company.
The chairman, in his comparison with prior years, said that last year gains were recorded across most lines of business stemming from rental income, along with additional earnings from media (mainly television), sponsorships, hospitality, branding and model commissions as well as investment property.
Having recently broken ground for construction of its latest 30-unit Pulse Home residential development in the Villa Ronai valley, along with the commissioning of its 70-unit lifestyle village, Pulse’s real estate portfolio is poised to deliver over a billion in revenues annually.
“Pulse’s property portfolio exceeded $6 billion for the first time this June,” Cooper said, noting that the property acquisitions and expansions were enhanced by the strong gains now being experienced across the board for both residential and commercial properties.
“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,” he added.
At the end of the last financial year, the company’s total assets for the first time topped $9 billion, closing at $9.32 billion, up from $6.91 billion last year. Administrative and other expenses also fell from $383 million in the prior year to $270.9 million in June.
“With property at its core allied to a diverse range of business lines, most within the creative industries, Pulse continues to build momentum as we anticipate more growth in the coming years,” Cooper said.