SELECTMD reports year end net profit of $20.30 million

March 6, 2023

Sagicor Select Fund Manufacturing & Distribution (SELECTMD)

For the twelve months ended December 31, 2022: –

Sagicor Select Fund Manufacturing & Distribution (SELECTMD) for the twelve months ended December 31, 2022 reported dividend income of $107.30 million (2021: $92.19 million). Interest income closed the twelve months period at $4.72 million and relative to $1.47 million last year.

Net changes in fair value on financial assets at fair value through P&L for the twelve month period amounted to a loss of $74.13 million compared to a gain of $791.62 million booked in 2021.

Gain on sale of financial assets amounted to $15.77 million compared to $9.65 million in 2021.

As such, total revenue for the twelve months under review equated to $53.66 million relative to $894.93 million the previous year.

Total expenses for the twelve-month period closed at $33.36 million (2021: $28.15 million).

Consequently, net profit closed the period at $20.30 million relative to $866.78 million last year.

Earnings per share for the period under review amounted to $0.005 relative to $0.23 in 2021, while for the quarter, SelectMD booked a loss per share (LPS) of $0.001 versus a LPS of $0.027 in 2021. The number of shares used in this calculation was 3,816,612,000 shares. As at March 3, 2023 the stock traded at $0.51.

Balance Sheet Highlights:

Total assets, as at December 31, 2022, amounted to $4.03 billion (2021: $4.08 billion). Of this, Financial assets at fair value through profit or loss totalled $3.86 billion (2021: $4.02 billion).

Total equity as at December 31, 2022 amounted to $4.01 billion (2021: $4.06 billion), resulting in a net asset value per share of $1.05 (2020: $1.06).




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