SELECTMD reports three months net loss of $111.18 million

May 24, 2023

Sagicor Select Fund Manufacturing & Distribution (SELECTMD) for the three months ended March 31, 2023 reported net investment loss of $104.48 million relative to a income of $264.86 million booked March 31, 2022. SELECTMD noted, “This negative performance is due to economic uncertainty globally and rising interest rates.”

This is comprised of:

    • Interest income which amounted to $2.50 million (2022: $244,000.
    • Dividend income which closed at $27.54 million (2022: $27.27 million).
    • Net gain in fair value on financial assets at fair value through profit or loss closed at a loss of $134.51 million versus a profit of $237.32 million booked for the comparable period in 2022.

Net foreign currency gains or losses and other income closed the three months period at nil (2022: $21,000).

Total expenses for the three months period closed at $6.70 million, while for the same quarter in 2022, total expenses totalled $8.39 million. Of this, administration expenses equalled $6.70 million, (2022: $8.39 million) for the three months ended March 2023.

Consequently, net loss closed the three months period at $111.18 million, compared to a net profit of $256.47 million reported for the first quarter ended March 31, 2022.

Loss per share for the period under review amounted to $0.03, while for the 2022 first quarter, earnings per share totalled $0.07. The trailing twelve months loss per share amounted to $0.091. The number of shares used in this calculation was 3,816,612,000 shares. SELECTMD price was last traded at a price of $0.56 on May 19, 2023.

Balance Sheet Highlights:

Total assets, as at March 2023, amounted to $3.91 billion (2022: $4.34 billion), a 10% decrease. Of this, Cash and Cash Equivalents closed at $183.12 million (2022: $69.71 million), and ‘Financial assets at fair value through profit or loss’ totalled $3.72 billion (2022: $4.26 billion).

SELECTMD, as at March 31, 2023, booked shareholders’ equity of $3.90 billion versus $4.32 billion booked 2022. Book value per share for the three months amounted to $1.02 (2022: $1.13).


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