April 15, 2025
Sygnus Real Estate Finance Limited (SRFJMD)
Unaudited Financials for the Six Months Ended February 28, 2025
Sygnus Real Estate Finance Limited (SRFJMD) reported a 22% increase in interest income, totaling $107.41 million for the six months ended February 28, 2025, compared to $88.12 million in the corresponding period last year. Interest income for the second quarter increased by 10%, closing at $48.65 million compared to $44.28 million for the comparable quarter of 2024.
Interest expense amounted to $323.26 million (2024: $175.86 million), representing an 84% year-over-year increase. Consequently, net interest expense increased by 146% to $215.85 million, compared to $87.75 million for the six months ended February 28, 2024. The company recorded a net interest expense of $85.03 million for the second quarter, versus $46.57 million reported for the similar quarter of 2024.
Management fees increased by 21%, closing at $77.97 million (2024: $64.30 million), while other expenses increased by 1%, from $86.44 million in 2024 to $87.52 million in the period under review. As a result, operating expenses for the six months ended February 28, 2025, amounted to $186.81 million, an 8% increase relative to $172.79 million reported in 2024.
Operating loss for the six months ended February 28, 2025, amounted to $236.96 million, a 26% decrease relative to $319.32 million reported in 2024. Operating profit for the second quarter amounted to $22.37 million (2024: operating loss of $186.64 million). The share of profit of joint ventures totaled $39.26 million, indicating a significant increase compared to the share of loss of joint ventures of $808,000 reported for the corresponding period last year.
Loss before taxation for the six months ended February 28, 2025, amounted to $197.70 million, a 38% decrease relative to $320.13 million reported in 2024. Profit before taxation for the second quarter amounted to $37.99 million (2024: Loss before taxation of $187.15 million).
The taxation credit for the six months ended February 28, 2025, was $245,000. The loss for the period amounted to $197.45 million, a 38% decrease from the $320.13 million reported in 2024. For the second quarter, profit for the period was $38.24 million (2024: loss for the period of $187.15 million).
Consequently, loss per share for the six months amounted to $0.95 (2024: LPS: $1.54), while earnings per share for the quarter totaled $0.18 (2024: LPS: $0.90). The twelve-month trailing EPS was $2.10, and the number of shares used in these calculations was 208,099,874.
Notably, SRFJMD’s stock price closed the trading period on April 14, 2025, at $9.50, with a corresponding P/E ratio of 4.52x.
Balance Sheet Highlights
The company’s assets totaled $15.20 billion (2024: $15.22 billion). This decrease was attributable to investment property, which amounted to $9.89 billion (2024: $10.47 billion).
Shareholders’ equity was $7.85 billion (2024: $7.48 billion), representing a book value per share of $37.73 (2024: $35.95).
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