Pulse anticipates robust future growth
Real estate and creative company Pulse Investment Limited said it is now looking to accelerate the growth of its business as it moves past the challenging phases of property development and positions to welcome increased gains.
The company, which at the end of its last financial year ended June 30, 2023, saw reduced out-turns of over $1.9 billion in total incomes and $1.5 billion in net profits, down 12 per cent year on year, said it remains focused on the next phase of growth despite the shortfalls.
“We are pleased with our 2023 results, given the generally tough economy. Our revenues moved closer to $1 billion at $948 million and total assets went over $10 billion for the first time to total $11.1 billion,” said Chairman Kingsley Cooper in his response to Jamaica Observer queries.
“We had gains for most business lines including property rentals which climbed to $153.9 million, up from $131.7 million in 2022 even as sponsorships and advertising entitlements fell flat this year to total $731 million, when compared to $743m in the prior year,” he said in a further assessment of the performance.
The thriving real estate company now in the process of developing its holdings, which comprises the construction of residences including its much-anticipated Pulse Homes project expected to come on stream within the next two years, said it has up to end of the 12-month period drawn down approximately $756 million of the $1.1 billion it had secured through private funding for construction.
The 30-unit Pulse Homes development, being constructed on Pulse’s nine-acre Stony Hill property in St Andrew, is to see the sale and rental of the two and three-bedroom eco-friendly, low-density units priced within the range of US$450,000- US$660,000. This development follows the roll-out of the 70-unit Villa Ronai Lifestyle Village project made up of studio villas, one-bedroom units, residential apartments, spa, restaurants, lounges, guest suites and offices. The company through its real estate portfolio is looking to deliver over a billion in revenues annually.
Having restarted much of its other activities under the lifestyle and entertainment segments, the company, after pushing pass some of the most challenging phases, including the novel coronavirus which cut earnings and slowed aspects of the business along with the construction/property development phases of the real estate projects, its chairman said, was now looking to accelerate growth across all lines.
“We anticipate robust growth in most areas in 2024. These include overnight guest stays at both Trafalgar and Villa Ronai, as well as from our model agency, fashion and entertainment businesses,” Cooper told the Business Observer.
“Though not a major income earner, the Peter Tosh Museum, which has significant international relevance and appeal, reopens this Friday [October 20] as part of Peter’s birthday celebrations, so we also look forward to that,” he added.