March 02, 2021

Sagicor Select Fund Financial (SELECTF) for the year ended December 31, 2020 reported interest income of $1.23 million relative to interest income of $1.52 million twelve months earlier.

Dividend income totalled $68.29 million for the year compared $104.23 million last year. Whereas other net changes in fair value amounted to a loss of $1.62 billion for the year relative to an income of $931.83 million in 2019. Net foreign currency gains/ losses and other income amounted to $67,000 (2019: $1.46 million) for the year. Other income amounted to $132,000 (2019: nil).

As such, total loss for the year under review equated $1.55 billion relative to total income of $1.04 billion the previous year. The total income for the quarter amounted to $137.06 million relative to total income of $25.36 million twelve months earlier.

Total expenses for the year closed at $34.37 million (2019: $65.11 million), while for the quarter, expenses amounted to $8.20 million (2019: $35.24 million).

Consequently, net loss closed the year at $1.58 billion relative to a net profit of $973.92 million last year. Whereas the quarter net profit amounted to $128.86 million ($60.60 million).

Loss per share for the year under review amounted to $0.31 relative to an EPS of $0.191 in 2019, while for the quarter, SELECTF booked EPS of $0.25 versus an EPS of $0.012 in 2019. The number of shares used in this calculation was 5,100,000,000 shares. As at March 01, 2021 the stock traded at $0.63.

 Balance Sheet Highlights:

Total assets, as at December 31, 2020, amounted to $4.37 billion (2019: $5.95 billion). Of this, Cash and Cash Equivalents booked $69.96 million (2019: $87.58 million), while Financial assets at fair value through profit or loss totalled $4.29 billion (2019: $5.86 billion).

Total equity as at December 31, 2020 amounted to $4.36 billion (2019: $5.94 billion), resulting in a net asset value per share of $0.85 (2019: $1.16).

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