Endeavour Holdings profits grow by $1.4m

ENDEAVOUR Holdings Ltd (EHL), owners of properties such as Briar Place and Price Plaza, earned $29.4 million in profits after tax for the nine-month period ending January 31.

This was revealed in EHL's unaudited financial statements for the period published on the TT Stock Exchange website on March 13.

Chairman John Aboud said EHL recorded a $1.4 million increase in profits as compared to the same period last year when profits stood at $28 million.

Profits, including the gain on the acquisition of Massy properties in July 2022, amounted to $71.7 million in January 2023.

Revenue from contracts with customers was recorded at $63.6 million due to the inclusion of the nine months’ revenue from Massy Properties. The revenue showed an increase of $3.1 million as compared to the same period the year before.

Legal and professional fees dropped resulting in a decrease in overall administrative fees from $4.8 million in January 2023 to $3.5 million in 2024.

Aboud said the board is confident that a degree of stability has returned with occupancy levels bouncing back to pre-pandemic levels.

“We are actively pursuing opportunities at home and within Caricom that will redound to the benefit of shareholders in the medium to long term,” Aboud said.