MFS Capital cites real estate as major potential revenue source in new financial year

 

 


MFS Capital Partners Limited indicates that in its new financial year it will be moving to monetise real estate owned in Whitehouse Westmoreland, as one of its main strategies for the new year.

The company is developing land valued at $405 million comprising 27.5 acres in Whitehouse, Westmoreland, previously described as “shovel-ready” since the property is already subdivided into 90 service lots, with necessary approvals from the Westmoreland Municipal Corporation and relevant authorities in place. Infrastructure work is being pursued over n 9-12 months.

In its annual report released this week MFS outlined that the Group successfully completed its first major acquisition on March 31, 2024, creating an operating subsidiary.

The fees related to the acquisition, including legal, accounting, and other professional services, were the main contributors to the reported loss for the period. These expenses were essential for facilitating the smooth execution of the transaction.

Revenue for the period was primarily generated from receivables financing, consulting services, and the three month operational contribution from subsidiary Monolith Financial Services (formerly Micro-Financing Solutions Limited).

The Group reported a net loss of $52.4 million for the period, compared to an operating profit of $8.7 million in the 2024, the financials included three months of operational costs from the newly acquired subsidiary.

Management states that despite the current financial snapshot, the Group expects steady and sustainable revenue growth in the coming years.

Earnings per share (EPS) fell to negative 0.12 cents, compared to 0.02 cents in the prior year.

During the year total operating expenses increased by $46.9 million, reaching $70.1 million for the 2024 financial year. This reflected a 203 percent rise from the $23.1 million recorded in the 2023 financial year. This surge was primarily due to acquisition-related costs and the operational expenses of the new subsidiary.

Looking ahead, management said that its strategic focus includes will be on monetising its development property in Whitehouse, Westmoreland, which is recorded as a $405 million investment property on the balance sheet. Additionally, the Group aims to expand its presence in the local and regional private equity and private credit markets.



Caribbean Money Daily

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