Date: November 04, 2019

Sagicor Select Funds Limited (SELECTF), for the nine months ended September 30, 2019 reported net investment income of $1.01 billion. While for the quarter, net investment income amounted to $570.67 million.

Fees and other income closed the nine months period at $1.81 million, however, for the quarter, fees and other income totalled $2.07 million.

As such, total revenue for the period under review equated $1.01 billion, as for the quarter, this amounted to $572.73 million. The Company highlighted, “The company benefitted from the stock market performance over the period. Consequently, the Income was largely derived from appreciation in prices of the securities held as well as the dividend income. Stock prices increased by an average of 37% while several of the financial companies continue their dividend paying trend.”

Total expenses for the nine months period closed at $94.79 million, while for the quarter, total expenses totalled $71.06 million. Of this, administration expenses equalled $92.81 million, while other taxes closed at $1.99 million, for the nine months ended September 2019. Management noted, “The expenses of the company largely reflected transaction cost and legal & professional fees which were $36.3 million and $50.9 million, respectively. Transaction cost was associated with the acquisition of the stocks over the period. Similarly, legal & professional fees reflected the cost of initial public offering during the period.”

Consequently, net profit closed the nine months period at $913.32 million, while for the quarter, net profit totalled $501.67 million.

Earnings per share for the period under review amounted to $0.18, while for the quarter, earnings per share totalled $0.10. The number of shares used in this calculation was 5,100,000,000 shares. SELECTF price closed the trading period at a price of $1.16.

Balance Sheet Highlights:

Total assets, as at September 2019, amounted to $5.98 billion. Of this, Cash and Cash Equivalents booked $353.35 million, while Financial assets at fair value through profit or loss totalled $5.63 billion. SelectF mentioned, “The assets held by the company were mainly financed by capital injection of $1.1 billion by the seed investor and approximately $4B raised at the IPO in July 2019.”

SelectF, as at September 2019, booked net asset value of $5.98 billion.

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