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Maui Land & Pineapple Company, Inc. (NYSE: MLP) is an esteemed landholding and operating entity centered on agriculture, resort operations, and community development. Situated on the scenic island of Maui, the company oversees approximately 23,000 acres, including the renowned Kapalua Resort and around 2,000 acres dedicated to cultivating the iconic Maui Gold® pineapples.
Maui Land & Pineapple Company is organized into three primary segments:
- Land Development & Sales: This division handles land planning, entitlements, development, and sales activities, playing a crucial role in the region's growth and infrastructure.
- Leasing Operations: Revenue in this segment is predominantly generated through leasing various types of properties, including residential, resort, commercial, agricultural, and industrial land. Lease income is derived from restaurants, retail outlets, office buildings, warehouses, and other resort amenities.
- Resort Amenities: This area manages a membership program providing exclusive benefits and privileges within the Kapalua Resort for its members.
An impressive aspect of ML&P's holdings includes the 8,304-acre Pu'u Kukui Watershed Preserve, the largest private nature reserve in Hawaii, and the 3,307-acre Honolua-Mokule'ia Marine Life Conservation District, both contributing significantly to environmental preservation and biodiversity.
Recent news highlights Maui Land & Pineapple Company's proactive community engagement, particularly in the wake of the devastating wildfires on Maui. The company has been pivotal in mobilizing support and resources for relief efforts, ensuring the safety and welfare of its team, tenants, and community members.
Financially, ML&P has shown resilience, albeit with some challenges. The company reported reduced lease revenues in the third quarter of 2023 due to temporary business closures and decreased sales following the wildfires. Despite this, strategic leadership changes and a focus on maximizing the use of entitled properties suggest a positive outlook.
Noteworthy recent achievements include an 8% year-over-year revenue growth and strategic investments to enhance commercial properties and prepare landholdings for new projects. The company's dedication to innovation, conservation, and community building remains a cornerstone of its operations, promising a sustainable and prosperous future for Maui and its residents.
With over a century of operation, Maui Land & Pineapple Company continues to honor its legacy through careful stewardship of its lands, impacting economic stability, housing supply, and environmental conservation. Learn more about their initiatives and ongoing projects at mauiland.com.
Maui Land & Pineapple Company (NYSE: MLP) reported strong Q3 2024 results with an 18.6% revenue increase compared to last year. The company's leased area grew by 19%, driven by strategic investments in commercial properties. Operating revenues reached $8.15 million for the nine months ended September 30, 2024. However, the company recorded a net loss of $5.48 million, primarily due to non-cash expenses related to share-based compensation of $4.67 million. The company is progressing with planning on over 3,500 acres in West Maui and 600 acres in Hali'imaile, while also leasing 50 acres to the State of Hawaii for temporary housing following the Maui wildfires.
Maui Land & Pineapple Company (NYSE: MLP) reported financial results for the six months ended June 30, 2024. The company experienced positive momentum with a 24% increase in commercial real estate occupancy and a 7.5% growth in overall operating revenue. Key highlights include:
- Land sales revenue increased by $181,000
- Leasing revenues rose by $70,000 to $4,388,000
- Resort amenities revenue grew by $107,000
- Operating revenues totaled $5,128,000, up $358,000 year-over-year
- Net loss was $3,247,000, or $0.17 per share
- Adjusted EBITDA was ($251,000)
- Cash and investments convertible to cash totaled $6,960,000
The company focused on repositioning commercial centers, supporting local businesses, and improving land productivity. New leases were secured in West Maui and Hali'imaile, and two senior leaders were hired to advance asset optimization and development efforts.
Maui Land & Pineapple Company (NYSE: MLP) announced its fiscal 2024 Q1 results covering the period ending March 31, 2024. Despite challenges from the 2023 Maui wildfires, the company achieved an 8% revenue growth year-over-year, reaching $2.48 million. Leasing revenues rose by $139,000, indicating increased economic activity and successful efforts to fill vacancies. However, operating costs also climbed to $3.88 million, leading to a net loss of $1.38 million or $0.07 per share. Adjusted EBITDA for the quarter was negative at $197,000. Cash and investments convertible to cash totaled $8.55 million, reflecting a decrease due to strategic investments. Jonathan Grobe was appointed as the new VP of Real Estate, effective April 1, 2024.
Maui Land & Pineapple Company (NYSE: MLP) reported its financial results for the year ending December 31, 2022. The company achieved a net income of $1.8 million or $0.09 per share, compared to a net loss of $(3.4 million) or $(0.18) per share in 2021. Operating revenues surged to $21.0 million, up from $12.4 million the previous year. Total comprehensive income also rose to $9.2 million or $0.47 per share, from $2.6 million or $0.13 per share. Notably, pension adjustments contributed $7.4 million to comprehensive income. The company maintains a debt-free status, with total stockholders' equity increasing by $10.3 million to $33.8 million.
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