Endeavour Holdings Ltd (EHL) has reported a gain of $44M on the acquisition of the Massy Properties (Trinidad) Limited (MPTL)
According to the company’s financials, for the quarter ended July 31, 2022, the acquisition resulted in increasing EHL’s net profit for the period to $53M.
On July 8, 2022, EHL completed the acquisition of 100 per cent of the issued shares of MPTL for $45M which was financed by a temporary loan from a related party.
A long-term bank loan is in the process of being finalised to replace this related party debt, the company said.
It added its operational profit after tax has increased by $5M from $3.9M in July 2021 to $8.9M in July 2022
This, EHL said this level of profit is comparable to pre-COVID levels.
It also noted that revenue from contracts with customers increased marginally by $200,000 from $19.9M as at July 2021 to $20.1M as at July 2022.
The company also reported administrative fees increased by $915K from $565K in July 2021 to $1.48M in July 2022 because of increased management and legal fees.
The company also noted that trade and other receivables due to rigorous collections.