Final report: Pulse ends year with assets of J$11 billion, celebrates Kingsley Cooper

 


Pulse Investments Limited which released its annual report on December 20 prefaced the presentation with a celebration of the life of Kingsley Cooper, the company’s founder who led the company for nearly 50 years before his death in June 2024.


Cooper, a former Kingston College Head Boy, was an Attorney at-Law, co-founded Pulse Investments Ltd. in 1980. The company promoted and produced international events such as Caribbean Fashionweek, Model Search TV, The Caribbean Collections Miami, Washington & Brussels, Rock the World Concerts for the Cricket World Cup and Reggae SuperJam which featured iconic Reggae greats including Dennis Brown and Peter Tosh. His business sense saw him transforming Pulse into an investment and lifestyle brand.

Pulse Investments Limited recorded assets of 11.8 billion at the end of June 2024 an increase from $11.3 billion as at June 2023.

The Company achieved a net profit of $542.95 million compared to $1.43 billion (restated) in 2023. This variance primarily reflects the extraordinary revaluation gains of the prior year, which were not repeated.

Management stated that key influences on performance during the year include: (i) A fair value adjustment of $388.42 million on investment properties down from $972.26 million in 2023. (ii) A provision of $262 million for impairment losses on advertising entitlements (iii) Impairment losses of $49.49 million related to financial assets.

Interim Chair Hilary Phillips commented in the annual report, “The company’s robust operational strategy resulted in an operating profit of $607.57 million, highlighting its continued capacity to generate sustainable earnings despite adjustments to one-time gains.”

The company’s business lines include market sponsorships through advertisement entitlements (TV show Income), the rental of properties through shops, offices, restaurants, event rental facilities, the Pulse Rooms at Trafalgar, cottage and suites at Villa Ronai, the Model Agency Income, Caribbean Model Search, and cash sponsorship inter alia.

Phillips stated, “The Company will continue to focus on the foregoing and on developing the model agency with the increasing breadth of young talent which abounds across the Island. Our lead models in the international market continue to do well capturing campaigns of recognised designers in both Europe and the United States. The T V Shows happily maintain their popularity throughout the Caribbean diaspora.”

Pulse had a set back with the development of its main project – the Pulse Homes. In spite infrastructure work continuing into the first quarter of this year, the project was delayed due to the untimely illness and passing of former chairman Kingsley Cooper who management described as pivotal to its execution.

Caribbean Money Daily

Caribbeanmoney.blogspot.com

Follow us for breaking news

Contact: austanny@yahoo.com/1-876-727-3818

Photo credit: Pulseworld.360.com

Comments

Post a Comment

Popular posts from this blog

Kintyre makes US$300,000 investment in Sevens Ice

Image
  Tyrone Wilson Chairman, President and CEO Kintyre Holdings (JA) Limited (KHL) and Seven Kingston Limited, owners of the Seven Ultra Lounge and Restaurant, on January 14 announced a joint venture to launch Sevens Ice. Kintyre Holdings has made an investment in excess of US$300,000 in acquiring an associate stake in Seven and also establishing the start-up for the ice venture. "This initiative addresses Jamaica’s growing demand for high-quality ice, with operations set to begin in Q1 2025," Wilson stated. Additionally, the venture has acquired a cold storage facility to manage its start-up capacity and is exploring the importation of ice to bridge the gap between demand and supply, ensuring a consistent and reliable market presence. Distribution Expansion Wilson said that Sevens Ice has secured a distribution point in Kingston and is in the process of setting up another in St. Catherine to serve the western and central parts of the island. This expansion will ensure broade...
Read more

BCMG increases risk management oversight: Launches surveys-as-a -service

Image
Insurance brokers in Jamaica often send underwriters themselves to survey risks; however, they frequently do not have the technical knowledge required to produce the best results. BCMG Insurance Brokers Limited (BCMG) in response, introduced - in support of the wider brokerage industry - an updated surveys-as-a service product which has been embraced by the wider community as groundbreaking. Senior Risk Manager on the New Business Team of BCMG David Lazarus explains, “We saw where the technical details and in-depth knowledge of the intricacies of business operations were not always being taken into consideration. This was seen as an opportunity to expand into this space.” In 2020, Billy Craig Insurance Brokers and Maritime General Insurance Brokers, MGI, signed an agreement to merge their operations to form BCMG Insurance Brokers Limited. Following the union, the new company has been exploring options to expand the service capability of the brokerage and increase value for clients...
Read more

Wish List: University Hospital CEO seeks top-flight CFO for turnaround miracle

Image
  It's a puzzling end of year for the finance team at the University Hospital of the West Indies where, despite an ongoing plan to quadruple plant size and service centres for the teaching institution, its current state is one of insolvency, with CEO Fitzgerald Mitchell wishing for a new Chief Financial Officer with a touch of genius to help in turning things around. Medium term, the government is aiming to significantly update this, the Caribbean's premium medical hospital and teaching school. At last report, the price tag on the project was $4.9 billion. In the works are plans for a new 6-storey, 120,000 square feet medical facility, which will accommodate an additional 40 medical and surgical beds, improvements to outpatient or ambulatory surgery, lecture rooms, conference rooms, and upgrading of the cardiology hybrid interventional surgery room and the neonatal intensive care and administrative departments. However, the institution is currently struggling to become solvent ...
Read more