November 15, 2022
Sagicor Select Fund Manufacturing & Distribution (SELECTMD)
For the nine months ended September 30, 2022: –
Sagicor Select Fund Manufacturing & Distribution (SELECTMD) for the nine months ended September 30, 2022 reported dividend income of $79.48 million (2021: $68.01 million). Interest income closed the nine months period at $1.13 million and relative to $1.09 million last year.
Net changes in fair value on financial assets at fair value through P&L for the nine month period amounted to a loss $29.87 million compared to a gain of $922.49 million booked in 2021.
Net Investment income amounted to $50.73 million relative to $991.59 million booked last year.
Net foreign currency gains and other income amounted to $223,000 (2021: $60,000).
As such, total revenue for the nine months under review equated to $50.96 million relative to $991.65 million the previous year. The total income for the quarter amounted to a loss of $281.27 million relative to a total income of $18.52 million twelve months earlier.
Total expenses for the nine months period closed at $26.32 million (2021: $23.29 million), while for the quarter, expenses amounted to $7 million (2021: $8.62 million).
Consequently, net profit closed the nine months period at $24.63 million relative to $968.35 million last year. Whereas the quarter net loss amounted to $288.27 million versus the net profit of $9.89 million booked last year.
Earnings per share for the period under review amounted to $0.01 relative to $0.25 in 2021, while for the quarter, SelectMD booked a loss per share (LPS) of $0.076 versus an EPS of $0.0026 in 2021. Twelve-month trailing LPS was $0.02. The number of shares used in this calculation was 3,816,612,000 shares. As at November 14, 2022 the stock traded at $0.57.
SELECTMD reported that, “During the nine months to September 2022, the fund saw a fair value loss on its financial assets of $29.9 million, owing to price depreciation in manufacturing and distribution companies.”
Balance Sheet Highlights:
Total assets, as at September 30, 2022, amounted to $4.11 billion (2021: $4.21 billion). Of this, Financial assets at fair value through profit or loss totalled $3.88 billion (2021: $4.14 billion).
Total equity as at September 30, 2022 amounted to $4.09 billion (2021: $4.19 billion), resulting in a net asset value per share of $1.07 (2020: $1.10).
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