March 2, 2023
Sagicor Select Fund Financial (SELECTF) for the year ended December 31, 2022 reported interest income of $1.67 million relative to interest income of $1.20 million twelve months earlier.
Dividend income totalled $78.12 million for the year compared to $80.70 million last year. Whereas other net changes in fair value amounted to a loss of $524.47 million for the year relative to a loss of $230.84 million in 2021. Net foreign currency loss on cash and cash equivalents amounted to $132,000 relative to a gain of $291,000 in the prior year. Other income amounted to nil (2021: $279,000).
Gain on sale of financial assets at fair value through profit or loss amounted to nil relative to $40.41 million in 2021.
As such, total investment loss for the year under review equated $444.81 million relative to a loss of $107.96 million the previous year.
Total expenses for the year closed at $34.88 million (2021: $40.55 million). SIJL management fees fell 9% from $12.71 million for FY2021 to $11.61 million as at December 31, 2022. Transaction costs for the year fell to $39,000, in contrast to $8.07 million recorded for 2021. Trustee fees rose 39% to $6.23 million compared to $3.16 million in 2021.
Consequently, net loss closed the year at $479.70 million relative to a net loss of $148.51 million last year. Net loss closed the quarter at $132.11 million relative to a net loss of $21.51 million in the prior quarter.
Loss per share for the year under review amounted to $0.094 relative to an LPS of $0.029 in 2021, while for the quarter, SELECTF booked LPS of $0.026 versus an EPS of $0.004 in 2021. The number of shares used in this calculation was 5,100,000,000 shares. As at March 2, 2023 the stock traded at $0.38.
Balance Sheet Highlights:
Total assets, as at December 31, 2022, amounted to $3.62 billion (2021: $4.15 billion). Of this, Cash and Cash Equivalents amounted $44.57 million (2021: $42.78 million), while Financial assets at fair value through profit or loss totalled $3.57 billion (2021: $4.10 billion).
Total equity as at December 31, 2022 amounted to $3.59 billion (2021: $4.12 billion), resulting in a net asset value per share of $0.70 (2021: $0.81).
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