November 15, 2024
Sagicor Select Funds Limited Manufacturing & Distribution (SELECTMD)
Unaudited financials for the nine months ended September 30, 2024:
Sagicor Select Funds Limited Manufacturing & Distribution (SELECTMD) for the nine months ended September 30, 2024, reported gain on Financial assets at fair value through P&L totaling $233.56 million compared to loss of $149.12 million in the corresponding period last year. Gain on Financial assets at fair value through P&L for the third quarter closed at $58.38 million compared to loss of $28.02 million for the comparable quarter of 2023.
Dividend Income amounted to $98.07 million (2023: $92.61 million), this represents an increase of 6% year over year.
Interest income increased by 21% from $9.18 million in 2023 to $11.07 million in the current period.
Consequently, Total revenue increased by 824% to $342.69 million compared to loss of $47.34 million for the nine months ended September 30, 2023. The company booked Total revenue of $115.38 million for the third quarter versus $12.93 million reported for the similar quarter of 2023.
Administration expenses for the nine months ended September 30, 2024, amounted to $22.85 million, a 16% increase relative to $19.67 million reported in 2023. Administration expenses for the third quarter amounted to $6.32 million (2023: $6.97 million).
No taxes were reported. As such, NET PROFIT for the nine months amounted to $319.84 million, a 577% increase from net loss of $67.01 million reported in 2023. For the third quarter, NET PROFIT was $109.06 million (2023: Net profit of $5.97 million).
Consequently, Earnings Per Share for the nine months amounted to $0.08 (2023: LPS: $0.02), while Earnings Per Share for the quarter totaled $0.03 (2023: EPS: $0.00). The twelve month trailing EPS was $0.15 and the number of shares used in these calculations was 3,816,612,000.
Notably, SELECTMD’s stock price closed the trading period on November 15, 2024, at a price of $0.73 with a corresponding P/E ratio of 4.82x.
Balance Sheet Highlights
The company’s assets totalled $4.42 billion (2023: $3.96 billion). The overall growth in the company’s asset base is driven by a 12% year-over-year increase in “Financial assets at fair value,” which rose to $4.17 billion from $3.71 billion, and a 2% year-over-year increase in “Cash and Cash Equivalents,” ending the quarter at $245.25 million compared to $239.67 million in 2023.
Shareholder’s equity was $4.40 billion (2023: $3.94 billion), representing a book value per share of $1.15 (2023: $1.03).
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