Endeavour Holdings Limited

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What it is

Endeavour Holdings is a real estate portfolio management company in Trinidad and Tobago whose properties span retail and lifestyle plazas, commercial and office buildings, industrial and warehousing space, and special-use facilities.

Retail plazas account for roughly half of revenue — anchored by tenants like KFC, Pizza Hut, and TGIF — while office and commercial properties (including Class-A buildings leased to banks, government agencies, and multinationals) contribute about 35%.

Price Plaza is one of the island’s most popular shopping centres, with Price Plaza South originally built in 2002; Briar Place, an A-class multi-storey office building in the St. Clair commercial district, was completed in 2005.

Who owns it

Endeavour Holdings was incorporated in Trinidad and Tobago in 2001. It listed on the SME market of the Trinidad and Tobago Stock Exchange on December 12, 2019.

Two parent companies divide ownership equally: Endeavour ABRA Holdings Limited and Pelican Investment Limited each hold 50%. The identities of the ultimate beneficial owners behind these holding companies are not disclosed in available sources; the public free float is therefore small, with the two shareholders together controlling the company entirely.

Who runs it

Anthony Rahael serves as Group Chief Executive Officer and Deputy Chairman of Endeavour Holdings Limited. Chairman John Aboud has provided commentary on results in published financial statements.

A CFO is not named in available public filings. No new directors have joined the board in the last three years; the five-person board includes two independent directors and three non-independent directors.

The money, in plain words

Revenue from contracts with customers was essentially flat year-on-year at TT$66.8M (~US$9.9M) for the nine months to January 31, 2025, compared with TT$66.7 (US$10)M in the same period a year before. New tenants and rent increases offset existing vacancies to keep the top line steady.

Profit after tax for the nine months to January 31, 2025 was TT$30.9M (~US$4.6M), up TT$1.5M on the prior-year period. That works out to a net profit margin of roughly 46% — meaning EHL keeps almost half of every dollar of rent collected, exceptional even for a pure-play landlord with no manufacturing costs (our calculation).

Investment properties — the company’s core assets — were valued at TT$911.8M (~US$135.2M) as of January 2025. That is roughly 1.85 times the market capitalisation, suggesting the stock trades at a discount to the stated value of the bricks and mortar it owns.

Debt (borrowings) fell by TT$17.2 (US$3)M to TT$225.6M (~US$33.5M) over the nine months, as regular loan repayments exceeded a TT$7.5 (US$1)M drawdown taken to fund refurbishment of the CHIC building.

EHL had been fully exempt from corporation tax for its first five years after listing; that exemption expired in December 2024, and the company now pays corporation tax at 50% of the standard rate. Investors should expect the after-tax margin to narrow modestly from here.

What it is doing now

EHL declared a dividend of TT$0.40 (US$0.06)per share with an ex-dividend date of June 23, 2025 and payment on July 2, 2025. At the current share price of roughly TT$15.30 (US$2)and assuming two TT$0.40 (US$0.06)payments per year, the dividend yield is approximately 5.2% — comfortably above the Caribbean real-estate-sector average of 3.9% (our calculation).

The 2025 annual report, covering the financial year ended April 30, 2025, was made available to shareholders in August 2025 on EHL’s website. Full audited figures for FY2025 had not been captured by data aggregators at the time of writing; the nine-month unaudited filing remains the most complete publicly accessible set of numbers.

What to watch

• Tax step-up: the company now pays corporation tax at 50% of the standard rate, having previously paid nothing — watch whether this compresses the ~46% net margin in the full FY2025 audited accounts.
• Debt trajectory: borrowings stand at TT$225.6M (~US$33.5M), nearly half the property portfolio value; the pace of repayment versus any new property acquisition will drive leverage risk.
• Ownership transparency: the two 50/50 parent entities disclose no ultimate beneficial owners publicly — a structural governance gap for minority investors on the SME market.
• Price-to-asset discount: the stock at ~TT$15.30 (US$2)implies a market cap of ~TT$493M (~US$73.1M) against TT$911.8M (~US$135.2M) of stated property value — if management ever moves to monetise assets or list the portfolio more transparently, that gap could narrow sharply.

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This is news, not investment advice.