March 1, 2024
Sagicor Select Funds Limited Manufacturing & Distribution (SELECTMD) for the twelve months ended December 31, 2023, reported a 180% increase in Interest Income totalling $13.23 million compared to $4.72 million in the corresponding period last year. Interest Income for the fourth quarter had a 13% increase to close at $4.05 million compared to $3.59 million for the comparable quarter of 2022.
Dividend Income amounted to $124.87 million (2022: $107.30 million), this represents an increase of 16% year over year.
Other net changes in fair value on financial assets at fair value through profit amounted to $80.68 million compared to loss of $74.13 million for the twelve months ended December 31, 2022.
Consequently, Net investment income increased by 308% to close at $218.77 million (2022: $53.66 million). For the quarter, net investment income amounted to $171.43 million (2022: $2.70 million).
Total expenses for the twelve months ended December 31, 2023, had a 17% decrease to reach $27.73 million (2022: $33.36 million).
Net profit for the twelve months amounted to $191.05 million, an 841% increase from the $20.30 million reported in 2022. For the fourth quarter, net profit was $124.03 million (2022: Net loss of $4.34 million).
Consequently, Earnings Per Share for the twelve months amounted to $0.05 (2022: EPS: $0.01), while Earnings Per Share for the quarter totalled $0.03 (2022: LPS: $0.001). The number of shares used in these calculations was 3,816,612,000.
Notably, SELECTMD’s stock price closed the trading period on February 29, 2024 at a price of $0.61 with a corresponding P/E ratio of 12.19x.
Balance Sheet Highlights
The company’s assets totalled $4.10 billion (2022: $4.03 billion). ‘Financial assets at fair value through profit or loss’ increased 2% to $3.94 billion (2022: $3.86 billion).
Shareholder’s equity was $4.08 billion (2022: $4.01 billion), representing a book value per share of $1.07 (2022: $1.05).
Disclaimer:
Analyst Certification -The views expressed in this research report accurately reflect the personal views of Mayberry Investments Limited Research Department about those issuer (s) or securities as at the date of this report. Each research analyst (s) also certify that no part of their compensation was, is, or will be, directly or indirectly, related to the specific recommendation(s) or view (s) expressed by that research analyst in this research report.
Company Disclosure -The information contained herein has been obtained from sources believed to be reliable, however its accuracy and completeness cannot be guaranteed. You are hereby notified that any disclosure, copying, distribution or taking any action in reliance on the contents of this information is strictly prohibited and may be unlawful. Mayberry may affect transactions or have positions in securities mentioned herein. In addition, employees of Mayberry may have positions and effect transactions in the securities mentioned herein.
