November 15, 2023
Sagicor Select Funds Limited (SELECTF) for the nine months ended September 30, 2023, reported a 38% increase in Interest Income totaling $1.12 million compared to $811,000 in the corresponding period last year. Interest Income for the third quarter had a 98% increase to close at $688,000 compared to $347,000 for the comparable quarter of 2022.
Dividend income (net) amounted to $43.87 million (2022: $64.16 million), this represents a decrease of 32% year over year.
Net changes in fair value on financial assets at fair value through profit or loss valued $562.32 million relative to $387.72 million recorded last year.
Net investment loss amounted to $517.34 million versus $322.74 million reported in the prior year. SELECTF noted, “The drop in the value of financial assets reflects a general downturn in investor sentiment during the year due to economic uncertainty globally and rising interest rates”.
Net foreign currency gains and other income valued $191,000 compared to a loss of $12,000 in 2022.
Total investment loss for the nine months amounted to $517.14 million relative to a loss of $322.75 million reported in 2022. Total investment loss for the third quarter amounted to $41.58 million (2022: Loss of $143.74 million). Administration expenses totalled $17.71 million, a 29% decrease from the corresponding period last year. (2022: $24.83 million).
Total Expenses for the nine months amounted to $17.71 million, a 29% decrease relative to $24.83 million reported in 2022. Total Expenses for the third quarter amounted to $6.18 million (2022: $5.77 million).
Net Loss for the nine months amounted to $534.85 million compared to the loss of $347.59 million reported in 2022. For the third quarter, Net loss was $47.75 million (2022: Net loss of $149.51 million).
Consequently, Loss Per Share for the nine months amounted to $0.11 (2022: LPS of $0.07), while Loss Per Share for the quarter totaled $0.01 (2022: LPS of $0.03). The twelve-month trailing LPS was $0.13, and the number of shares used in these calculations was 5,100,000,000.
Notably, SELECTF’s stock price closed the trading period on November 14, 2023 at a price of $0.38.
Balance Sheet Highlights
The company’s assets totalled $3.08 billion (2022: $3.80 billion). This resulted from a 19% decline in ‘Financial assets at fair value through profit or loss’ closing at $3.01 billion.
Shareholder’s equity was $3.05 billion (2022: $3.77 billion), representing a book value per share of $0.60 (2022: $0.74).
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