August 15, 2024

Sagicor Select Funds Limited Manufacturing & Distribution (SELECTMD) for the six months ended June 30, 2024, reported a 46% increase in Interest Income totaling $7.38 million compared to $5.06 million in the corresponding period last year. Interest Income for the second quarter had a 45% increase to close at $3.70 million compared to $2.55 million for the comparable quarter of 2023.

Dividend Income amounted to $44.76 million (2023: $55.78 million), this represents a decrease of 20% year over year. Consequently, net investment income increased by 477% to $227.31 million compared to net investment loss of $60.27 million for the six months ended June 30, 2023. The company booked net investment income of $173.86 million for the second quarter versus $44.20 million reported for the similar quarter of 2023.

Financial assets at fair value through P&L increased by 144% to close at $175.18 million (2023: loss of $121.11 million), while Total loss increased by 277% from $60.27 million in 2023 to total revenue of$227.31 million in the period under review.

Administration expenses for the six months ended June 30, 2024, amounted to $16.53 million, a 30% increase relative to $12.70 million reported in 2023. Administration expenses for the second quarter amounted to $10.00 million (2023: $6.00 million).

Net profit for the six months amounted to $210.78 million, a 389% increase from a net loss of $72.98 million reported in 2023. For the second quarter, Net profit was $163.87 million (2023: $38.20 million).

Consequently, Earnings Per Share for the six months amounted to $0.06 (2023: LPS: $0.02), while Earnings Per Share for the quarter totaled $0.04 (2023: EPS: $0.01). The twelve month trailing EPS was $0.12 and the number of shares used in these calculations was 3,816,612,000.

Notably, SELECTMD’s stock price closed the trading period on August 14, 2024 at a price of $0.70 with a corresponding P/E ratio of 5.63x.

Balance Sheet Highlights

The company’s assets totalled $4.31 billion (2023: $3.96 billion).  ‘Financial assets at fair value through profit or loss’ amounted to $4.11 billion (2023: $3.73 billion).

Shareholder’s equity was $4.29 billion (2023: $3.94 billion), representing a net asset value per share of $1.12 (2023: $1.03).

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