August 16, 2022
Sagicor Select Fund Manufacturing & Distribution (SELECTMD) for the six months ended June 30, 2022 reported dividend income of $53.36 million (2021: $41.80 million). Interest income closed the six months period at $648,000 and relative to $890,000, last year. Gain on sale of financial assets at fair value through profit or loss amounted to $278.15 million relative to $930.39 million booked last year.
Net Investment income amounted to $332.15 million relative to $973.08 million booked last year.
Net foreign currency gains/ losses and other income amounted to $73,000 (2021: $50,000).
As such, total revenue for the six months under review equated $332.23 million relative to $973.13 million the previous year. The total income for the quarter amounted to $67.37 million relative to total income of $464.51 million twelve months earlier.
Total expenses for the six months period closed at $19.32 million (2021: $14.67 million), while for the quarter, expenses amounted to $10.94 million (2021: $6.92 million).
Consequently, net profit closed the six months period at $312.90 million relative to $958.46 million last year. Whereas the quarter net profit amounted to $56.43 million versus the net profit of $457.59 million booked last year.
Earnings per share for the period under review amounted to $0.08 relative to $0.25 in 2021, while for the quarter, SelectMD booked EPS of $0.01 versus an EPS of $0.12 in 2021. Twelve-month trailing EPS was $0.058. The number of shares used in this calculation was 3,816,612,000 shares. As at August 15, 2022 the stock traded at $0.59 with a P/E ratio of 10.18 times.
SELECTMD reported that, “During the six months of 2022, the fund saw a fair value gain on its financial assets of $278.1 million, benefitting from the price appreciation in manufacturing and distribution companies. Comparatively, for the six months of 2021, the fair value gain was $930.4 million, which was a larger gain than the six months of 2022, due to the low base effect of the COVID19 pandemic during the preceding financial year.”
Balance Sheet Highlights:
Total assets, as at June 30, 2022, amounted to $4.48 billion (2021: $4.24 billion). Of this, Financial assets at fair value through profit or loss totalled $4.23 billion (2021: $4.15 billion).
Total equity as at June 30, 2022 amounted to $4.38 billion (2021: $4.18 billion), resulting in a net asset value per share of $1.15 (2020: $1.10).
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