SELECTMD reports year end net loss of $677.59 million

March 2, 2021

Sagicor Select Fund Manufacturing & Distribution (SELECTMD) for the year ended December 31, 2020 reported, dividend income of $68.55 million for the year and $13.51 million last year. Whereas other net changes in fair value amounted to a loss of $718.12 million for the year relative to an income of $187.05 million in 2019. Interest income closed the year at $1.92 million and relative to $220,000 last year. Other income amounted to $6.24 million (2019: nil) and Loss on sale of financial assets at fair value through profit or loss amounted to $8.31 million (2019: nil) for the year.

As such, total loss for the year under review equated $649.72 million relative to total income of $200.78 million the previous year. The total income for the quarter amounted to $238.83 million relative to total income of $166.45 million twelve months earlier.

Total expenses for the year closed at $27.87 million (2019: $40.23 million), while for the quarter, expenses amounted to $50.42 million (2019: $50.34 million).

Consequently, net loss closed the year  at $677.59 million relative to a net profit of $160.54 million last year. Whereas the quarter net profit amounted to $233.51 million versus the net profit of $136.33 million booked last year.

Loss per share for the year under review amounted to $0.18 relative to an EPS of $0.04 in 2019, while for the quarter, SelectMD booked EPS of $0.06 versus an EPS of $0.04 in 2019. The number of shares used in this calculation was 3,816,612,000 shares. As at March 01, 2021 the stock traded at $0.76.

Balance Sheet Highlights:

Total assets, as at December 31, 2020, amounted to $3.28 billion (2019: $3.97 billion). Of this, Cash and Cash Equivalents booked $128.54 million (2019: $243.02 million), while Financial assets at fair value through profit or loss totalled $3.15 billion (2019: $3.72 billion).

Total equity as at December 31, 2020 amounted to $3.27 billion (2019: $3.94 billion), resulting in a net asset value per share of $0.86 (2019: $1.03).

 

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2021-03-02T10:18:48-05:00