Phillips takes helm as Pulse interim chair

Retired judge Hilary Phillips assumed the position of interim chairman of Pulse Investments following the passing of co-founder and chairman Kingsley Cooper on June 18.

Phillips, a co-founder, director and the second-largest shareholder of Pulse with 6.5 per cent interest at last disclosure, takes on her new role effective on Monday. Cooper held 4.7 billion units, or 73 per cent of the shares.

Pulse’s operations are led by co-managing directors Safia Cooper, who is Cooper’s daughter, and Romae Gordon, his long-time partner.

“Pulse is an important cultural institution to Jamaica and the Caribbean. Since inception, we have had an impact on the international fashion centres through our world-rated models,” said Phillips, a retired justice of the Court of Appeal, in a release announcing her appointment as interim chair.

Pulse is one of the few modelling agencies to have secured contracts with international fashion brands, exemplified most recently by model Shantae Leslie’s appearance in a Louis Vuitton sweater on the cover of the 2023 annual report.

“More recently, we have expanded into hospitality and construction, and we are committed to building on the remarkable foundation established by our late chairman, Kingsley Cooper. I am honoured to serve as interim chair of the company with which I have been so closely involved from its very beginning,” Phillips added.

Phillips has also served as president of Jamaican Bar Association, vice-president of the Organisation of Commonwealth Caribbean Bar Associations, and a member of the General Legal Council. Her directorships include the Jamaica Stock Exchange, Petrojam and The National Dance Theatre Company. She is also the policy advisory chairman for the Jamaica National Group.

Pulse’s real estate development, Pulse Homes, consists of 30 homes in a lush forest setting. The units are situated at the Villa Ronai property in Stony Hill, St Andrew. The company plans to sell 20 units, priced between US$550,000 and US$950,000, which should generate over $2 billion — more than enough to repay the bond that financed the construction. Pulse will retain the remaining 10 units for income generation.

The company’s debt hovers at seven per cent of its $10.5 billion in capital, while its assets are estimated at $12.9 billion.

Pulse Investments services include a model agency representation, multimedia production, and real estate rentals. Founded in 1980 by attorneys Cooper and Phillips, Pulse was listed on the Jamaica Stock Exchange in 1993, but its shares were suspended in 1997 and subsequently delisted in May 2001 due to late filing of audited financials.

As a private entity, the company restructured by merging Pulse Investments with Pulse Entertainment, reduced its debts by converting them to shares, and successfully relisted Pulse in 2006. Pulse today is one of the smaller companies on the JSE Main Market, but the only one of its kind focused on style and fashion.

The company’s annual revenue is within the $900-million range, but Pulse often books more bottom line profit than top line income, largely because of non-cash gains such as from property revaluations.

For example, between 2021 and 2023, the company’s revenue ranged from $807 million to $948 million, but its profits ranged between $1.47 billion and $1.79 billion.

In its most recent financial report for nine months ending March 2024, Pulse earned revenue of $845 million and turned a profit of $1.46 billion, putting it on track to eclipse earnings of $1.57 billion recorded in year 2023. Its cash holding, however, was less than $72 million.

A good portion of the company’s profit and assets relate to what it calls ‘advertisement entitlements’, which, according to its auditors, BDO, are non-cash receivables for shows produced by Pulse and delivered to various media houses under contract.

Kingsley Cooper passed away at age 71 at the HCA Kendall Hospital in Florida, on June 18, surrounded by his family.

steven.jackson@gleanerjm.com