Pulse Investments Ltd increased its profits by 28.7 per cent, moving from JM$687.9 million in 2019 to JM$883.3, for year ended June 30, 2020.
The real estate, lifestyle and media company saw revenues of $1.32 billion, up 21.1 per cent from $1.09 billion for the similar period in 2019.
Earnings per share also rose, increasing to 13 cents from 10 cents in prior year, adjusting for the 4 for 1 stock split effected in March 2020.
Executive Chairman Kingsley Cooper said gains in pandemic resilient media content production and distribution (largely television shows), property rentals and investment property were sufficient to offset reductions from Pulse Rooms, CFW and model agency commissions.
“Expenses were tightly contained in the last quarter of 2020, given the COVID challenges…plus the cancellation of Caribbean Fashionweek.”– Executive Chairman Kingsley Cooper
TV revenues were up 24.2 per cent, moving from $253.3 million in 2019 to $314.5 million as at June 30, 2020.
Property rentals increased marginally, moving from $88m in prior year to $94.4m in 2020. Gains on investment property reflected a 32.7 per cent increase, moving from $439.8 million in 2019 to $583.7 million this year, as the value of an expanding portfolio of new and existing real estate investments increased, Cooper outlined.
The new lifestyle village at Villa Ronai, consisting of suites, spa, wedding and fashion centre, will be ready to commence business, as soon as the pandemic subsides sufficiently Cooper said.
Pulse recorded gains across most lines of business including media content production and distribution, as well as property rentals and gains on investment property.
Cooper said model agency commissions were down, as was income from Pulse Rooms and live event ticket sales, all a result of the impact of COVID-19.
For the year ended, administrative and other expenses for the company increased by 4.9 per cent, up from $376.6 million in 2019 to $395.4 million this year.
Cooper stated, “Expenses were tightly contained in the last quarter of 2020, given the COVID challenges and the resulting closure of Pulse Rooms, plus the cancellation of Caribbean Fashionweek.”
He said the company is optimistic regarding its model management business, as a new focus on black models in the international market creates new opportunities for expansion.
This year model commissions were down from $59.9 million in 2019 to $46.1 million.
Company assets are currently at $4.7 billion, up from $3.65 billion in prior year. Liabilities are at $614 million, up from $415.5 million in prior year.
Cash in hand (including bank balances) is at $119.2 million ($48.4 million in 2019).
Cooper said the company was heartened by the 2020 results, given the challenges caused by the global pandemic.
He stated, “We anticipate continued success as Pulse maintains its tradition of innovation and diversification as a hedge against the uncertainties that lie ahead.”