August 15, 2024
Sagicor Select Funds Limited (SELECTF) for the Six Months ended June 30, 2024, reported a 77% increase in Net investment loss totaling $108.01 million compared to loss of $475.71 million in the corresponding period last year. Net investment loss for the second quarter had a 52% increase to close at $116.62 million compared to a loss of $244.04 million for the comparable quarter of 2023.
Dividend income amounted to $49.97 million (2023: $29.93 million), this represents an increase of 67% year over year. Consequently, interest income increased by 15% to $495,000 compared to $430,000 for the Six Months ended June 30, 2023. The company booked interest income of $217,000 for the second quarter versus $224,000 reported for the similar quarter of 2023.
Net changes in fair value on financial assets at fair value through profit or loss increased by 69% to close at a loss of $158.48 million (2023: loss of $506.07 million), while Net foreign currency gains or losses on cash and cash equivalents and other income decreased by 43% from $142,000 in 2023 to $81,000 in the period under review. As a result, total loss for the Six Months ended June 30, 2024 amounted to $107.93 million, a 77% increase relative to $475.57 million reported in 2023. Total loss for the second quarter amounted to $116.51 million (2023: loss of $243.86 million).
Total Expenses for the Six Months ended June 30, 2024, amounted to $14.25 million, a 24% increase relative to $11.53 million reported in 2023. Total Expenses for the second quarter amounted to $8.79 million (2023: $5.32 million).
There was no taxation for the period under review, as such net loss for the Six Months amounted to $122.18 million, a 75% decrease from the $487.10 million reported in 2023. For the second quarter, Net loss was $125.30 million (2023: net loss of $249.18 million).
Consequently, Loss Per Share for the Six Months amounted to $0.02 (2023: LPS: $0.10), while Loss Per Share for the quarter totaled $0.02 (2023: LPS: $0.05). The twelve month trailing LPS was $0.03 and the number of shares used in these calculations was 5,100,000,000.
Notably, SELECTF’s stock price closed the trading period on August 14, 2024 at a price of $0.43.
Balance Sheet Highlights
The company’s assets totalled $2.91 billion (2023: $3.13 billion). ‘Financial assets at fair value through profit or loss’ closed at $2.85 billion (2023: $3.07 billion).
Shareholder’s equity was $2.89 billion (2023: $3.10 billion), representing a book value per share of $0.57 (2023: $0.61).
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.
