May 16, 2024
Sagicor Select Funds Limited (SELECTF) for the first quarter ended March 31, 2024, reported net investment income totalling $8.61 million compared to net investment loss of $231.67 million in the corresponding three months last year.
Dividend income amounted to $11.76 million (2023: $14.65 million), this represents a decrease of 20% year over year.
Interest income increased by 35% to $278,000 compared to $206,000 for the first quarter ended March 31, 2023.
Net changes in fair value on financial assets at fair value through profit or loss decreased by 99% to close at a loss of $3.43 million (2023: $246.53 million).
Net foreign currency losses on cash and cash equivalents and other income decreased by 28% from $40,000 in 2023 to $29,000 for the three months for the period under review.
As a result, Total revenue for the first quarter amounted to $8.58 million, relative to total loss of $231.71 million reported in 2023.
Administration Expenses totalled $5.46 million, a 12% decrease from the corresponding period last year. (2023: $6.21 million).
No taxes were reported in the period. As such, Net profit for the three months amounted to $3.12 million versus net loss of $237.92 million reported in 2023.
Consequently, Earnings Per Share for the three months amounted to $0.001 (2023: LPS: $0.05). The twelve months trailing LPS was $0.06, and the number of shares used in these calculations was 5,100,000,000.
Notably, SELECTF’s stock price closed the trading period on May 15, 2024, at a price of $0.40.
Balance Sheet Highlights
The company’s assets totalled $3.04 billion (2023: $3.37 billion). Notably, ‘Financial assets at fair value through profit or losses trended down by $319.12 million or 10% from $3.33 billion in 2023 to $3.01 billion in the period under review.
Shareholder’s equity was $3.02 billion (2023: $3.35 billion), representing a book value per share of $0.59 (2023: $0.66).
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