May 16, 2024
In United States dollars (except where it is indicated otherwise):
Sygnus Credit Investments Limited (SCIJMD) for the nine months ended March 31, 2024, reported a 55% increase in Interest income totaling $12.59 million compared to $8.12 million in the corresponding period last year. Interest income for the third quarter had a 76% increase to close at $4.97 million compared to $2.82 million for the comparable quarter of 2023.
Interest expense amounted to $6.94 million (2023: $4.13 million), this represents an increase of 68% year over year. Consequently, net interest income increased by 34% to $6.66 million compared to $4.98 million for the nine months ended March 31, 2023. The company booked net interest income of $2.35 million for the third quarter versus $1.62 million reported for the similar quarter of 2023.
Total Revenue increased by 15% to close at $8.32 million (2023: $7.22 million), while Management fees increase by 23% from $1.72 million in 2023 to $2.10 million in the period under review. Corporate service fees for the nine months amounted to $401,864, a 29% increase relative to $312,390 reported in 2023.
Other expenses for the nine months amounted to $734,748, a 9% increase relative to $675,553 reported in 2023. Other expenses for the third quarter amounted to $317,793 (2023: $125,315). Total Expenses valued $3.81 million, a 40% increase from the corresponding period last year. (2023: $2.73 million).
Profit before tax for the nine months amounted to $4.51 million relative to $4.49 million reported in 2023. Profit before tax for the third quarter amounted to $2.11 million (2023: $1.52 million).
Taxation for the nine months was $162,712 (2023: $207,354). For the third quarter taxation was $33,865 (2023: $89,391).
Net profit being total comprehensive income for the nine months amounted to $4.35 million, a 1% increase from the $4.29 million reported in 2023. For the third quarter, net profit being total comprehensive income was $2.07 million (2023: $1.43 million). The Company noted, “The Q3 Mar 2024 and 9 Months 2024 performances were primarily driven by a record private credit portfolio, which led to record net interest income.”
Consequently, Earnings Per Share for the nine months amounted to $0.01/J$1.18 (2023: EPS: $0.01/J$1.15), while Earnings Per Share for the quarter totaled $0.003/J$0.55 (2023: EPS: $0.003/J$0.39). The twelve-month trailing EPS was J$1.33, and the number of shares used in these calculations was 345,761,426.
Notably, SCIJMD’s stock price closed the trading period on May 16, 2024, at a price of J$10.62 with a corresponding P/E ratio of 7.97x.
Balance Sheet Highlights
The company’s assets valued $198.61 million (2023: $151.63 million). This was attributed to a 29% increase in ‘investments’ closing at $180.81 million.
Shareholder’s equity was $70.82 million (2023: $69.20 million), representing a book value per share of $0.12/J$18.54 (2023: $0.12/J$17.75).
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