March 1, 2024
Sagicor Select Funds Limited (SELECTF) for the twelve months ended December 31, 2023, reported a 12% increase in Interest Income totalling $1.87 million compared to $1.67 million in the corresponding period last year.
Dividend income amounted to $63.39 million (2022: $78.12 million), this represents a decrease of 19% year over year.
Net changes in fair value on financial assets at fair value through profit or loss amounted to losses totalling $562.21 million (2022: $524.48 million)
Total Investment Loss for the twelve months ended December 31, 2023, amounted to $496.80 million, a 12% increase relative to $444.81 million reported in 2022.
Total Expenses for the twelve months ended December 31, 2023, amounted to $26.91 million, a 23% decrease relative to $34.88 million reported in 2022.
No taxes were recorded during the period. As such, Net loss for the twelve months amounted to $523.71 million, a 9% decrease from the $479.70 million reported in 2022. For the fourth quarter, Net profit was $11.14 million (2022: Net loss of $132.11 million).
Consequently, Loss Per Share for the twelve months amounted to $0.10 (2022: LPS: $0.09), while Earnings Per Share for the quarter totalled $0.002 (2022: LPS: $0.03). The number of shares used in these calculations was 5,100,000,000.
Notably, SELECTF’s stock price closed the trading period on February 29, 2024 at a price of $0.49.
Balance Sheet Highlights
The company’s assets totalled $3.05 billion (2022: $3.62 billion). The decline was due to ‘Financial assets at fair value through profit or loss’ trending down to $3.01 billion (2022: $3.57 billion).
Shareholder’s equity was $3.01 billion (2022: $3.59 billion), representing a book value per share of $0.59 (2022: $0.70).
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