November 18, 2024
Sagicor Select Funds Limited (SELECTF)
Unaudited financials for the nine months ended September 30, 2024:
Sagicor Select Funds Limited (SELECTF) for the nine months ending September 30, 2024, reported Net investment income loss totaling $111.34 million compared to a loss of $517.34 million in the corresponding period last year. Net investment income loss for the third quarter closed at $3.33 million compared to a loss of $41.63 million for the comparable quarter of 2023.
Dividend income amounted to $73.29 million (2023: $43.87 million), this represents an increase of 67% year over year. Consequently, interest income decreased by 31% to $773,000 compared to $1.12 million for the nine months ending September 30, 2023. The company booked an interest income of $278,000 for the third quarter versus $688,000 reported for the similar quarter of 2023.
Net changes in fair value on financial assets at fair value through profit or loss increase by 67% to close at a loss of $185.41 million (2023: a loss of $562.32 million), while Net foreign currency gains and other income increase by 19% from $190,000 in 2023 to $227,000 in the period under review.
Total revenue for the nine months ended September 30, 2024, amounted to a loss of $111.12 million, relative to a loss of $517.14 million reported in 2023. Administration Expenses totaled $19.14 million, an 8% increase from the corresponding period last year. (2023: $17.71 million). Total Expenses for the third quarter amounted to $4.88 million (2023: $6.18 million).
Net loss for the nine months amounted to $130.25 million, from the loss of $534.85 million reported in 2023. For the third quarter, Net loss was $8.07 million (2023: a loss of $47.75 million).
Consequently, Loss Per Share for the nine months amounted to $0.03 (2023: LPS: $0.10), while Loss Per Share for the quarter totaled $0.002 (2023: LPS: $0.01). The twelve-month trailing LPS was $0.02, 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 18, 2024, at a price of $0.43.
Balance Sheet Highlights
The company’s assets totaled $2.90 billion (2023: $3.08 billion). The overall decline in the fund’s total asset base is primarily due to a 6% year-over-year decrease in “Financial assets at fair value through profit or loss,” which ended the quarter at $2.83 billion compared to $3.01 billion in 2023.
Shareholders’ equity was $2.88 billion (2023: $3.05 billion), representing a net asset value per share of $0.57 (2023: $0.60).
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