Asset and property management company, Endeavour Holdings Ltd, has reported a $42.9 million profit after tax in its financial performance for the financial year ending April 30 2024.
The information was shared in the company’s annual report on its website on Tuesday.
Chairman John Aboud said in his statements that the profits were inclusive of a fair value adjustment write-up on investment properties of $3.3 million.
The year before, ending on April 30 2023, saw a profit after tax of $68.9 million, which included a fair value adjustment write-down of $10.6 million and a gain of the acquisition of a subsidiary valued at $43.7 million.
In its statement of comprehensive income, Endeavour Holdings Ltd reported $89.2 million in revenue, as compared to $85 million for the same period the year before. Its operating profit for the year was $39.6 million as compared to $35.8 million the year before.
Aboud said the 2023-2024 financial year was the first that there were no restrictions in place in connection with the covid19 pandemic.
“We can confidently state that we saw our operations return to business as usual,” Aboud said.
He said with the return of unrestricted business EHL’s rental income has stabilised. He added that discounts provided to tenants have also reduced by more than half. The company also saw the opening of CINECentral at Price Plaza, resulting in added rental income.
“The income generated by this anchor tenant has made a meaningful contribution to the company’s gross revenue for this period and signals the continued strength and attractiveness of our properties for prospective tenants,” Aboud said.
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