'Brick pon brick' 2019 for Pulse Investments

'Brick pon brick' 2019 for Pulse Investments

BY KELLARAY MILES
Business reporter
milesk@jamaicaobserver.com

Wednesday, February 19, 2020

Print this page Email A Friend!


Pulse investments has reported that the company has seen increased growth in all business segments which has resulted in the modelling and real estate company doubling its profits last year.

The company, yesterday at its annual general meeting held at Villa Ronai located on Old Stony Hill Road in St Andrew said that it recorded net profits of $653.2 million, which is a significant increase over the $301.8 million gained in the previous year.

Co-Managing Director Safia Cooper in attesting to the welcome performance said that it was a “brick pon brick” year for the company— referring to a popular dancehall song which connotes heightened financial gains.

In its annual report to shareholders, the company also indicated that not only did their profits surge by 116 per cent, but “revenues also increased – moving to just over $1 billion, a first for the real estate, lifestyle, and media company. Incomes also went up by 76 per cent, stridently moving from $621.5 million to $1.09 billion year-on-year”.

Pulse recorded gains across all lines of business including media content production and distribution, property rentals [including leisure and hospitality], model agency representation, live events as well as branding and sponsorship.

The greatest gain the company has said was recorded in media content production and distribution [largely TV shows] and property rentals which saw revenues growing by 71 per cent to $253.3 million for TV and by 48 per cent or $88 million for property rentals.

“Property rentals increase largely reflects the new hospitality business line Pulse Rooms [a 22-room accommodations development located at 38a Trafalgar Road],” the report also outlined to shareholders.

The co-managing director who has responsibility for these areas of the business said that the Pulse Rooms which were commissioned into use at the end of 2018, have reaped some real rewards in 2019.

“We've seen good growth at Pulse Rooms at Trafalgar wherein occupancy levels have been growing, fluctuating anywhere between 30-100 per cent occupancy at the location. We have enjoyed at least four-five periods of full occupancy,” she noted.

She said that going into the summer period of this year, they are anticipating a consistent 70 per cent occupancy rate at the location, this as the company strategically positions itself to benefit from peak periods including: carnival, holidays, champs, and any other major seasonal events.

In further speaking about their gains in the real estate business, it was mentioned that plans are now advance to commence operations at the company's Pulse Suites at Villa Ronai, which is a complement of 68 guest suites, of which the first phase of the development consisting of 40 suites— is expected to be open to the public in the first quarter of this year.

“On completion these suites are expected to generate approximately $350 million in annual revenues, assuming there is a 66 per cent occupancy level,” the report detailed. Other business lines such as the Pulse centre and the Peter Tosh Museum also brought positive inflows and contributed to the company's performance.


Now you can read the Jamaica Observer ePaper anytime, anywhere. The Jamaica Observer ePaper is available to you at home or at work, and is the same edition as the printed copy available at http://bit.ly/epaperlive


ADVERTISEMENT




POST A COMMENT

HOUSE RULES

1. We welcome reader comments on the top stories of the day. Some comments may be republished on the website or in the newspaper � email addresses will not be published.

2. Please understand that comments are moderated and it is not always possible to publish all that have been submitted. We will, however, try to publish comments that are representative of all received.

3. We ask that comments are civil and free of libellous or hateful material. Also please stick to the topic under discussion.

4. Please do not write in block capitals since this makes your comment hard to read.

5. Please don't use the comments to advertise. However, our advertising department can be more than accommodating if emailed: advertising@jamaicaobserver.com.

6. If readers wish to report offensive comments, suggest a correction or share a story then please email: community@jamaicaobserver.com.

7. Lastly, read our Terms and Conditions and Privacy Policy



comments powered by Disqus
ADVERTISEMENT

Poll

ADVERTISEMENT
ADVERTISEMENT

Today's Cartoon

Click image to view full size editorial cartoon
ADVERTISEMENT