July 15, 2025

Sygnus Real Estate Finance Limited (SRFJMD)

Unaudited financials for the nine months ended May 31, 2025:

Sygnus Real Estate Finance Limited (SRFJMD), for the nine months ended May 31, 2025, reported an 18% increase in interest income, totaling $157.57 million compared to $134.02 million in the corresponding period last year. Interest income for the third quarter saw a 9% increase, closing at $50.16 million compared to $45.90 million for the comparable quarter of 2024.

Interest expense amounted to $457.16 million (2024: $277.09 million), representing an increase of 65% year over year. Consequently, net interest expense increased by 109% to $299.60 million, compared to net interest expense of $143.07 million for the nine months ended May 31, 2024. The company booked net interest expense of $83.75 million for the third quarter versus net interest expense of $55.32 million reported for the similar quarter of 2024.

Management fees increased by 25% to close at $119.88 million (2024: $96.02 million), while other expenses increased by 22%, from $122.03 million in 2024 to $149.27 million in the period under review. As a result, operating expenses for the nine months ended May 31, 2025, amounted to $302.05 million, a 20% increase relative to $251.02 million reported in 2024.

Operating loss for the nine months ended May 31, 2025, amounted to $629.06 million, a 45% increase relative to $433.69 million reported in 2024. Operating loss for the third quarter amounted to $392.11 million (2024: operating loss of $114.37 million). Share of profit of joint venture totaled $583.11 million, an 8,218% increase from the corresponding period last year (2024: share of loss of joint venture of $7.18 million).

Loss before taxation for the nine months ended May 31, 2025, amounted to $45.96 million, a 90% decrease relative to $440.87 million reported in 2024. Profit before taxation for the third quarter amounted to $151.74 million (2024: loss before taxation of $120.74 million).

Taxation credit for the nine months ended May 31, 2025, saw a 102% decrease to reach $245,000 (2024: taxation charge of $15.28 million). Loss for the period for the nine months amounted to $45.71 million, a 90% decrease from the loss for the period of $456.15 million reported in 2024. For the third quarter, profit for the period was $151.74 million (2024: loss for the period of $136.02 million).

Consequently, Loss Per Share for the nine months amounted to $0.14 (2024: LPS $1.40), while Earnings Per Share for the quarter totaled $0.44 (2024: LPS $0.42). The twelve-month trailing EPS was $2.22, and the number of shares used in these calculations was 208,099,874.

Notably, SRFJMD’s stock price closed the trading period on July 14, 2025, at $7.25, with a corresponding P/E ratio of 3.26x.

Balance Sheet Highlights
The company’s assets totaled $16.06 billion (2024: $14.64 billion). This increase was attributable to interest in joint venture, which amounted to $3.84 billion (2024: $1.53 billion).

Shareholders’ equity was $8.38 billion (2024: $7.34 billion), representing a book value per share of $40.28 (2024: $35.29).

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