November 15, 2021
Sagicor Select Funds Limited (SELECTF), for the nine months ended September 30, 2021 reported net investment loss of $93.12 million relative to a loss of $1.69 billion booked September 30, 2020. As for the quarter, net investment loss amounted to $132.49 million relative to an income of $92.62 million booked last year same time.
Dividend income amounted to $61.91 million (2020: $47.40 million) for the nine months. Interest income for the period under review also amounted to $661,000 (2020: $984,000). Net changes in fair value on financial assets at fair value through profit or loss amounted to a loss of 155.69 million relative to a loss of $1.73 billion for the nine months ended September 30, 2020. SELECTF noted, “Total cash revenue for Q3 of 2021 was J$64.0 million, largely consisting of realized gain on the sale of investments and dividend income. Owing to rebalancing activities which started in the previous quarter the Fund sold shares in Barita Investment Limited and JMMB Group Limited in Q3. The sale of these shares resulted in gains of J$40.4 million. The rebalancing activity stemmed from the relisting of Guardian Holdings Limited in May 2021 which resulted in revision in index weighting of the JSE Financial Index.”
Fees and other income closed the nine months period at 18,000 (2020: $140,000).
As such, total loss for the period under review equated to $93.11 billion, as for the nine months of 2020, total loss amounted to $1.69 billion. However, at the end of the third quarter total loss closed at $132.70 million, while September 2020 quarter booked an income of $92.70 million.
Total expenses for the nine months period closed at $33.90 million (2020: $26.17 million), while for the quarter, total expenses totalled $12.55 million (2020: $5.10 million). The company explained that, this was “largely due to cost associated with dividend payment in July 2021.”
Consequently, net loss closed the nine months period at $127.01 million, compared to a net loss of $1.71 billion reported for the nine months ended September 30, 2020. However, at the end of the third quarter net loss closed at $145.25 million relative to a profit of $87.60 million in 2020.
Loss per share for the period under review amounted to $0.025, while for nine months of 2020, loss per share totalled $0.34. For the quarter, LPS amounted to $0.03 (2020: EPS of $0.017). The trailing twelve months loss per share amounted to 0.036 cent. The number of shares used in this calculation was 5,100,000,000 shares. SELECTF last traded at a price of $0.52 on November 12, 2021.
Balance Sheet Highlights:
Total assets, as at September 2021, amounted to $4.22 billion (2020: $4.23 billion). Of this, ‘Financial assets at fair value through profit or loss’ totalled $4.13 billion (2020: $4.15 billion), while Cash and Cash Equivalents closed at $71 million (2020: $52.50 million).
SelectF, as at September 30, 2021, booked shareholders’ equity of $4.20 billion versus $4.23 billion booked in 2020. Net asset value per share amounted to $0.82 (2020: $0.83).
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