May 16, 2024

Sagicor Select Funds Limited Manufacturing & Distribution (SELECTMD) for the first quarter ended March 31, 2024, reported a 47% increase in interest income totalling $3.68 million compared to $2.50 million in the corresponding three months last year.

Dividend Income amounted to $28.42 million (2023: $27.54 million), representing an increase of 3% year over year.

Financial assets at fair value through P&L closed at a gain of $21.35 million (2023: Loss of $134.51 million).

Consequently, net investment income amounted to $53.45 million compared to net investment loss of $104.48 million for the first quarter ended March 31, 2023.

Administration expenses for the three months amounted to $6.54 million, a 2% decrease relative to $6.70 million reported in 2023.

No taxes were record in the period. As such, Net profit for the three months amounted to $46.92 million, up from net loss of $111.18 million reported in 2023.

Consequently, Earnings Per Share for the three months amounted to $0.01 (2023: LPS: $0.03). The twelve month trailing EPS was $0.09, and the number of shares used in these calculations was 3,816,612,000.

Notably, SELECTMD’s stock price closed the trading period on May 15, 2024, at a price of $0.70 with a corresponding P/E ratio of 7.65x.

Balance Sheet Highlights

The company’s assets totalled $4.15 billion (2023: $3.91 billion). The growth in total assets was mainly driven by a $236.50 million or 6% increase in ‘Financial assets at fair value through P&L’ to close at $3.96 billion (2023: $3.72 billion).

Shareholder’s equity was $4.13 billion (2023: $3.90 billion), representing a book value per share of $1.08 (2023: $1.02).

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