Date: March 02, 2020

Sagicor Select Fund Manufacturing & Distribution (SELECTMD) for the twelve months ended December 31, 2019 reported net investment income of $200.56 million. While for the quarter, net investment income amounted to $152.79 million.

Fees and other income closed the twelve months period at $220,000, however for the quarter, fees and other income totalled $60,000.

As such, total revenue for the period under review equated $200.78 million, as for the quarter, this amounted to $152.85 million. The Company highlighted, “The fund holds securities listed on the JSE and would have benefitted from the price appreciation of stocks as well as dividend income.”

Total expenses for the twelve months period closed at $40.23 million, while for the quarter, total expenses totalled $58.31 million. Management noted expenses, “were related to the setting up of the fund and cost associated with the initial public offering of the Class C shares on the market.”

Consequently, net profit closed the twelve months period at $160.54 million, while for the quarter, net profit totalled $94.55 million.

Earnings per share for the period under review amounted to $0.04, while for the quarter, earnings per share totalled $0.02. The number of shares used in this calculation was 3,783,443,000 shares. As at March 02, 2020 the stock traded at $0.92.

Management highlighted, “Stock price appreciation was largely concentrated among the Financial and Manufacturing sectors, which combined accounts for 70% of the top performers for the year. During 2019, the Financial category accounted for five of the list of top ten advancing stocks, while there were two Manufacturing companies in the list.”

Balance Sheet Highlights:

Total assets, as at September 2019, amounted to $3.97 billion. Of this, Cash and Cash Equivalents booked $243.02 million, while Financial assets at fair value through profit or loss totalled $3.72 billion.

Total equity as at December 31, 2019 amounted to $3.94 billion, resulting in a book value per share of $1.03.

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