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).
Disclaimer:
Analyst Certification -The views expressed in this research report accurately reflect the personal views of Mayberry Investments Limited Research Department about those issuer (s) or securities as at the date of this report. Each research analyst (s) also certify that no part of their compensation was, is, or will be, directly or indirectly, related to the specific recommendation (s) or view (s) expressed by that research analyst in this research report.
Company Disclosure -The information contained herein has been obtained from sources believed to be reliable, however its accuracy and completeness cannot be guaranteed. You are hereby notified that any disclosure, copying, distribution or taking any action in reliance on the contents of this information is strictly prohibited and may be unlawful. Mayberry may affect transactions or have positions in securities mentioned herein. In addition, employees of Mayberry may have positions and effect transactions in the securities mentioned herein.