May 09, 2025
Sagicor Real Estate X Fund LTD(XFUND)
Unaudited financials for the first quarter ended March 31, 2025:
Sagicor Real Estate X Fund LTD (XFUND) for the first quarter ended March 31, 2025 reported a 10% increase in total revenue totaling $2.45 billion compared to $2.22 billion in the corresponding three months last year.
Net capital gains on financial assets and liabilities amounted to $67.49 million (2024: net capital losses on financial assets of $100.61 million), this represents an increase of 167% year over year. Additionally, hotel revenue increased by 3% to $2.24 billion compared to $2.19 billion for the first quarter ended March 31, 2024.
Hotel Expenses increased by 2% from $1.52 billion in 2024 to $1.54 billion for the three months while depreciation expense decreased by 32% to close at $163.11 million (2024: $240.62 million). Additionally, Interest and other financing costs amounted to $84.43 million (2024: $84.24 million), while Other operating expenses for the first quarter amounted to $104.93 million, a 15% decrease relative to $123.26 million reported in 2024.
As a result, Operating Expenses for the three months amounted to $1.89 billion, a 4% decrease compared to $1.96 billion reported in 2024. Profit before taxation totaled $552.62 million, a 116% increase from the corresponding period last year. (2024: $256.00 million).
The tax charge incurred for the first quarter ended March 31, 2025, amounted to $150.20 million, an 18% increase relative to $127.01 million reported in 2024.
Net Profit for the three months had a 212% increase to reach $402.42 million (2024: $128.99 million). Total other comprehensive income, net of taxes amounted to $195.67 million (2024: loss of $32.59 million). Consequently, Total comprehensive income increased by 520% amounting to $598.09 million (2023: $96.41 million).
Consequently, Earnings Per Share for the three months amounted to $0.18 (2024: EPS: $0.06). The twelve-month trailing EPS was $0.33, and the number of shares used in these calculations was 2,243,005,125. Notably, XFUND’s stock price closed the trading period on May 08, 2025, at a price of $8.65 with a corresponding P/E ratio of 26.57x.
Balance Sheet Highlights
The company’s assets totaled $32.97 billion (2024: $31.33 billion). The increase in total assets was primarily attributable to an 108% increase in “Financial investments” amounting to $6.76 billion (2024: $3.26 billion) and “Investment property” amounting to $1.60 billion (2024: nil).
Shareholder’s equity was $22.67 billion (2024: $20.92 billion), representing a book value per share of $10.11 (2024: $9.33).
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