Date: August 31, 2018
Sygnus Credit Investments Limited, for the year ended June 30, 2018, reported Interest Income of US$1.17 million. The Company also reported fair value gains of US$644,326 and Participation fees of US$23,413 which resulted in a total income of US$1.84 million.
Total Expenses for the year end amounted to US$414,909. This resulted mainly from management fees of US$182,368. Also, net foreign exchange loss and audit fees totalled US$49,995 and US$48,435 respectively.
Consequently, no taxation for the period was recorded, as such profit for the year of US$1.42 million was booked for the year ended.
The company reported other comprehensive income of US$87,503 which resulted in total comprehensive income of US$1.51 million.As a result, earnings per share (EPS) for the year end amounted to US$0.008 (JMD: $1.01) . The number of shares used in our calculations amounted to 184,311,300 units. Notably, Sygnus was listed on the Main Market of Jamaica Stock Exchange (SCIJMD) on June 18, 2018 at a price of J$13.72 and the US Market (SCIUSD) at a price of US0.11. The stock closed the trading period on August 30, 2018 at a price of J$11.47 and US$0.12 respectively.
Notably, Sygnus Credit Investments Limited (“the Company”) was incorporated in Saint Lucia on January 13, 2017 under the International Business Companies Act as an International Business Company (“IBC”). The Company is domiciled in Saint Lucia with registered office at McNamara Corporate Services Inc., 20 Micoud Street, Castries, Saint Lucia.
Balance Sheet Highlights
As at June 30, 2018, Sygnus’ total assets amounted to US$37.0 million. Of this, ‘Securities purchased under resale agreements’ amounted to US$19.88 million and ‘Investments’ amounted to US$15.20 million.
Shareholder’s Equity totalled US$36.62 million, resulting in a book value per share of approximately US$0.20 (JMD:$ 25.91).
