August 15, 2024
Sagicor Select Funds Limited (SELECTF) for the Six Months ended June 30, 2024, reported a 77% increase in Net investment loss totaling $108.01 million compared to loss of $475.71 million in the corresponding period last year. Net investment loss for the second quarter had a 52% increase to close at $116.62 million compared to a loss of $244.04 million for the comparable quarter of 2023.
Dividend income amounted to $49.97 million (2023: $29.93 million), this represents an increase of 67% year over year. Consequently, interest income increased by 15% to $495,000 compared to $430,000 for the Six Months ended June 30, 2023. The company booked interest income of $217,000 for the second quarter versus $224,000 reported for the similar quarter of 2023.
Net changes in fair value on financial assets at fair value through profit or loss increased by 69% to close at a loss of $158.48 million (2023: loss of $506.07 million), while Net foreign currency gains or losses on cash and cash equivalents and other income decreased by 43% from $142,000 in 2023 to $81,000 in the period under review. As a result, total loss for the Six Months ended June 30, 2024 amounted to $107.93 million, a 77% increase relative to $475.57 million reported in 2023. Total loss for the second quarter amounted to $116.51 million (2023: loss of $243.86 million).
Total Expenses for the Six Months ended June 30, 2024, amounted to $14.25 million, a 24% increase relative to $11.53 million reported in 2023. Total Expenses for the second quarter amounted to $8.79 million (2023: $5.32 million).
There was no taxation for the period under review, as such net loss for the Six Months amounted to $122.18 million, a 75% decrease from the $487.10 million reported in 2023. For the second quarter, Net loss was $125.30 million (2023: net loss of $249.18 million).
Consequently, Loss Per Share for the Six Months amounted to $0.02 (2023: LPS: $0.10), while Loss Per Share for the quarter totaled $0.02 (2023: LPS: $0.05). The twelve month trailing LPS was $0.03 and the number of shares used in these calculations was 5,100,000,000.
Notably, SELECTF’s stock price closed the trading period on August 14, 2024 at a price of $0.43.
Balance Sheet Highlights
The company’s assets totalled $2.91 billion (2023: $3.13 billion). ‘Financial assets at fair value through profit or loss’ closed at $2.85 billion (2023: $3.07 billion).
Shareholder’s equity was $2.89 billion (2023: $3.10 billion), representing a book value per share of $0.57 (2023: $0.61).
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