March 27, 2025
Sterling Investments Limited (SIL)
Audited financials for the year ended December 31, 2024:
Sterling Investments Limited (SIL) for the year ended December 31, 2024, reported a 12% decrease in Interest Income totaling $128.57 million compared to $146.47 million in the corresponding period last year. Interest Income for the fourth quarter had a 14% decrease to close at $31.68 million compared to $37.03 million for the comparable quarter of 2023.
Foreign exchange gains amounted to $10.62 million (2023: $30.03 million), this represents a decrease of 65% year over year. Consequently, total revenue increased by 10% to $147.01 million compared to $133.85 million for the year ended December 31, 2023. The company booked total revenue of $7.30 million for the fourth quarter versus a loss of $5.81 million reported for the similar quarter of 2023.
Interest expense decreased by 13% to close at $26.68 million (2023: $30.58 million), while Other Operating expenses increased by 27% from $44.87 million in 2023 to $57.15 million in the period under review. As a result, total expenses for the year ended December 31, 2024, amounted to $84.99 million, a 219% increase relative to $26.62 million reported in 2023.
Other expenses for the year ended December 31, 2024, amounted to $82,158, a 145% decrease relative to other income of $183,613 reported in 2023. Consequently, Operating Profit totalled $62.01 million a 42% decrease from the corresponding period last year. (2023: $107.23 million). Operating loss for the fourth quarter was $9.76 million, relative to operating profit of $28.10 million in 2023.
No taxes were reported. As such, Net Income for the year ended December 31, 2024, had a 40% decrease to reach $61.93 million (2023: $102.91 million). For the fourth quarter, Net loss was $9.88 million (2023: Net profit $23.76 million).
Consequently, Earnings Per Share for the year amounted to $0.14 (2023: EPS: $0.24), while Loss Per Share for the quarter totaled $0.02 (2023: EPS: $0.05). The twelve-month trailing EPS was $0.14, and the number of shares used in these calculations was 434,699,728.
Notably, SIL’s stock price closed the trading period on March 26, 2025, at a price of $3.00 with a corresponding P/E ratio of 21.06x.
Balance Sheet Highlights
The company’s assets totalled $1.83 billion (2023: $1.82 billion). The $6.34 million uptick in total assets was led by a $101.60 million increase in ‘Due from related company’, which was tempered by a $82.27 million and $11.39 million increase in ‘Investment Securities’ and ‘Accounts Receivables’ respectively.
Shareholder’s equity was $1.49 billion (2023: $1.37 billion), representing a book value per share of $3.42 (2023: $3.15).
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