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).
Disclaimer:
Analyst Certification -The views expressed in this research report accurately reflect the personal views of Mayberry Investments Limited Research Department about those issuer (s) or securities as at the date of this report. Each research analyst (s) also certify that no part of their compensation was, is, or will be, directly or indirectly, related to the specific recommendation(s) or view (s) expressed by that research analyst in this research report.
Company Disclosure -The information contained herein has been obtained from sources believed to be reliable, however its accuracy and completeness cannot be guaranteed. You are hereby notified that any disclosure, copying, distribution or taking any action in reliance on the contents of this information is strictly prohibited and may be unlawful. Mayberry may effect transactions or have positions in securities mentioned herein. In addition, employees of Mayberry may have positions and effect transactions in the securities mentioned herein.
