November 15, 2023
Sagicor Select Funds Limited (SELECTF) for the nine months ended September 30, 2023, reported a 38% increase in Interest Income totaling $1.12 million compared to $811,000 in the corresponding period last year. Interest Income for the third quarter had a 98% increase to close at $688,000 compared to $347,000 for the comparable quarter of 2022.
Dividend income (net) amounted to $43.87 million (2022: $64.16 million), this represents a decrease of 32% year over year.
Net changes in fair value on financial assets at fair value through profit or loss valued $562.32 million relative to $387.72 million recorded last year.
Net investment loss amounted to $517.34 million versus $322.74 million reported in the prior year. SELECTF noted, “The drop in the value of financial assets reflects a general downturn in investor sentiment during the year due to economic uncertainty globally and rising interest rates”.
Net foreign currency gains and other income valued $191,000 compared to a loss of $12,000 in 2022.
Total investment loss for the nine months amounted to $517.14 million relative to a loss of $322.75 million reported in 2022. Total investment loss for the third quarter amounted to $41.58 million (2022: Loss of $143.74 million). Administration expenses totalled $17.71 million, a 29% decrease from the corresponding period last year. (2022: $24.83 million).
Total Expenses for the nine months amounted to $17.71 million, a 29% decrease relative to $24.83 million reported in 2022. Total Expenses for the third quarter amounted to $6.18 million (2022: $5.77 million).
Net Loss for the nine months amounted to $534.85 million compared to the loss of $347.59 million reported in 2022. For the third quarter, Net loss was $47.75 million (2022: Net loss of $149.51 million).
Consequently, Loss Per Share for the nine months amounted to $0.11 (2022: LPS of $0.07), while Loss Per Share for the quarter totaled $0.01 (2022: LPS of $0.03). The twelve-month trailing LPS was $0.13, 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 14, 2023 at a price of $0.38.
Balance Sheet Highlights
The company’s assets totalled $3.08 billion (2022: $3.80 billion). This resulted from a 19% decline in ‘Financial assets at fair value through profit or loss’ closing at $3.01 billion.
Shareholder’s equity was $3.05 billion (2022: $3.77 billion), representing a book value per share of $0.60 (2022: $0.74).
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.