March 2, 2023
Sagicor Group Jamaica (SJ), for the year ended December 31, 2022, reported a 5% decline in total revenues to $97.10 billion from $102.56 billion in 2021. Total revenue for the year end was broken down as follows:
Net premium revenue increased by 7% to a total of $56.55 billion compared to $52.78 billion last year.
Net investment income fell to $17.38 billion from $27.96 billion in 2021, a 38% decrease.
Fees and other revenue increased 6% to $18.51 billion from $17.40 billion in 2021.
Hotel revenue increased by 5% to $4.66 billion from $4.42 billion in 2021.
Benefits and expenses totalled $75.87 billion for the period, a fall of 3% from $78.23 billion. Of this:
Administration expenses increased by 15% to $28.15 billion (2021: $24.42 billion).
Other taxes and levies totalled $893.28 million, a 11% increase relative to $830.77 million recorded in the prior year.
Share of profit from joint venture amounted to $439.99 million relative to a share of profit of $607.76 million booked a year earlier. Impairment of goodwill amounted to nil from $614.40 million in 2021. Loss on dilution of interest in associate totalled nil from a loss of $233.09 million in 2021.
As such, Profit before Taxation amounted to $21.93 billion, a 9% decrease when compared to the $24.09 billion booked in 2021.
Investment and corporation taxes of $5.33 billion was reported for the period (2021: $6.45 billion), as such net profit for the year totalled $16.60 billion (2021: $17.64 billion), a 6% decline.
Net profit attributable to shareholders for the period amounted to $16.38 billion relative to $17.40 billion the prior year’s period.
Total comprehensive income for the period under review closed at $6.64 billion (2021: $13.15 billion).
Earnings per share (EPS) for the period totalled $4.19 relative an EPS of $4.45 in 2021. The total number of shares used in the calculations amounted to 3,905,634,916 units. SJ’s stock last traded on March 1, 2023 at $52.97 with a corresponding P/E of 12.63 times.
Balance Sheet at a glance:
Total Assets decreased by 2% or $8.81 billion to close at $519.18 billion as at December 31, 2022 from $527.99 billion the year prior. The movement was mainly attributable to a 69% or $14.37 billion decrease in ‘Property, plant and equipment’ which closed at $6.41 billion (2021: $20.78 billion).
Equity attributable to stockholders of the company as at December 31, 2022 stood at $113.87 billion (2021: $114.82 billion) resulting in book value per share of $29.16 (2021: $29.40).
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