March 1, 2022
Sagicor Select Fund Financial (SELECTF) for the year ended December 31, 2021 reported interest income of $1.20 million relative to interest income of $1.23 million twelve months earlier.
Dividend income totalled $80.70 million for the year compared to $68.29 million last year. Whereas other net changes in fair value amounted to a loss of $230.84 million for the year relative to a loss of $1.62 billion in 2020. Net foreign currency gains on cash and cash equivalents amounted to $291,000 ($67,000). Other income amounted to $279,000 (2020: $132,000).
Gain on sale of financial assets at fair value through profit or loss was $40.41 million relative to nil in 2020.
As such, total loss for the year under review equated $107.96 million relative to total loss of $1.55 billion the previous year. The total loss for the quarter amounted to $14.86 million relative to total income of $137.06 million twelve months earlier.
Total expenses for the year closed at $40.55 million (2020: $34.37 million), while for the quarter, expenses amounted to $6.65 million (2020: $8.2 million). SIJL management fees fell 19% from $15.73 million for FY2020 to 12.71 million as at December 31, 2021. Transaction costs for the year surged to $8.07 million, in contrast to $362,000 recorded for 2020. Trustee fees rose 190% to $3.16 million compared to $1.09 million in 2020.
Consequently, net loss closed the year at $148.51 million relative to a net loss of $1.58 billion last year. Whereas for the quarter net loss amounted to $21.51 million (net profit 2020: $128.86 million).
Loss per share for the year under review amounted to $0.029 relative to an LPS of $0.31 in 2020, while for the quarter, SELECTF booked LPS of $0.004 versus an EPS of $0.025 in 2020. The number of shares used in this calculation was 5,100,000,000 shares. As at March 01, 2021 the stock traded at $0.51.
Balance Sheet Highlights:
Total assets, as at December 31, 2021, amounted to $4.15 billion (2020: $4.37 billion). Of this, Cash and Cash Equivalents booked $42.78 million (2020: $69.96 million), while Financial assets at fair value through profit or loss totalled $4.10 billion (2020: $4.29 billion).
Total equity as at December 31, 2021 amounted to $4.12 billion (2020: $4.36 billion), resulting in a net asset value per share of $0.80 (2020: $0.85).
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