April 15, 2026
Sygnus Real Estate Finance Limited (SRFJMD)
Unaudited Financial Statements for the Six Months Ended February 28, 2026
Sygnus Real Estate Finance Limited (SRFJMD) reported a 36% increase in Interest Income to J$146.36 million for the six months ended February 28, 2026, compared to J$107.41 million in the corresponding period last year. Interest Income for the second quarter increased 49% to J$72.52 million, up from J$48.65 million in the comparable quarter of 2025.
Interest Expense amounted to J$319.67 million (2025: J$323.26 million), a decrease of 1% year over year. Consequently, Net Interest Expense improved to J$173.31 million compared to J$215.85 million for the six months ended February 28, 2025, a 20% improvement. The Group recorded Net Interest Expense of J$89.45 million for the second quarter versus J$85.03 million reported for the comparable quarter of 2025.
Management Fees increased 88% to J$146.67 million (2025: J$77.97 million), while Other Expenses increased 16% from J$87.52 million in 2025 to J$101.45 million in the period under review. Corporate Service Fees and Performance Fees amounted to J$24.23 million and J$19.90 million respectively (2025: J$21.32 million and nil). As a result, Total Operating Expenses for the six months ended February 28, 2026, amounted to J$292.25 million, a 56% increase relative to J$186.81 million reported in 2025. For the second quarter, Total Operating Expenses amounted to J$165.25 million (2025: J$85.50 million), an increase of 93%.
Operating Loss for the six months ended February 28, 2026, amounted to J$380.89 million, compared to an Operating Loss of J$236.96 million in the corresponding period of 2025, a deterioration of 61%. Operating Loss for the second quarter amounted to J$185.57 million compared to an Operating Profit of J$22.37 million in Q2 2025. The Share of Loss on Joint Ventures totalled J$18.07 million for the six months, compared to a Share of Gain of J$39.26 million in the corresponding period last year, a deterioration of 146%. For the second quarter, the Share of Loss on Joint Ventures was J$30.34 million (2025: Share of Gain of J$15.63 million).
Loss Before Taxation for the six months ended February 28, 2026, amounted to J$398.96 million, compared to a Loss Before Taxation of J$197.70 million in the corresponding period of 2025, a deterioration of 102%. Loss Before Taxation for the second quarter amounted to J$215.90 million compared to a Profit Before Taxation of J$37.99 million in Q2 2025.
Taxation for the six months ended February 28, 2026, amounted to J$0.74 million (2025: J$0.25 million). Net Loss for the six months amounted to J$398.21 million (2025: Net Loss of J$197.45 million), a deterioration of 102%. For the second quarter, the Group recorded a Net Loss of J$215.90 million compared to a Net Profit of J$38.24 million in Q2 2025.
Loss Per Share for the six months amounted to J$1.15 (2025: LPS of J$0.60), based on a weighted average share count of 347,233,574, while Loss Per Share for the second quarter totalled J$0.62 (2025: EPS of J$0.12). The twelve-month trailing EPS was J$2.82, based on a TTM Net Profit of J$586.25 million and shares outstanding of 208,099,874. Notably, SRFJMD’s stock price closed at J$10.76 on April 14, 2026, with a corresponding trailing P/E ratio of 3.82x.
Balance Sheet Highlights
The Group’s total assets amounted to J$17.30 billion (2025: J$15.20 billion), an increase of 14% year over year, primarily driven by a 58% increase in Interest in Joint Ventures to J$3.99 billion (2025: J$2.52 billion) and a 9% increase in Investment Properties to J$10.78 billion (2025: J$9.89 billion).
Total Shareholders’ Equity increased 12% to J$8.82 billion (2025: J$7.85 billion), driven by the growth in Retained Earnings to J$3.72 billion (2025: J$3.13 billion). Book value per share, based on shares outstanding of 208,099,874, was J$42.37 (2025: J$37.73).
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