February 15, 2022
SSL Venture Capital Jamaica Limited (SSLVC), for the six months ended December 31, 2021, reported no revenues versus the $19.32 million reported in the prior year’s corresponding period. SSLVC stated that, “The SSL Venture Capital Group ended the reporting quarter with no active operating portfolio company. The revenues earned in the prior period related to Bar Central Limited which was shuttered at the end of December 2020.”
No Cost of sales was reported (2020: $19.12 million), as a result no gross profit was recorded relative to the $199,288 booked last year.
Other operating income closed at $48.34 million (2020: 115,524) for the six months period ended December 31, 2020. In addition, administrative expenses were $18.70 million compared to the $35.93 million documented in the previous year corresponding period.
Consequently, SSLVC recorded an operating income of $29.64 million versus a loss of $35.62 million reported in 2020. Operating profit for the second quarter closed at $25.42 million relative to loss of $14.18 million reported for the same quarter of 2020. Finance cost for the period fell 73% to close at $1.13 million compared to $4.12 million reported in 2020.
After tax charge of $3.42 million (2020: tax credit $4.81 million), the Company reported a net profit of $25.08 million versus a loss of $34.93 million reported in 2020. Net profit for the quarter amounted to $21.91 million relative to net loss of $15.19 million in 2020.
However, net profit attributable to shareholders amounted to $23.18 million compared to a net loss attributable to shareholders of $30.63 million in 2020. For the quarter, net profit attributable to shareholders was $17.28 million (2020: loss of $13.32 million).
Earning per share (EPS) for the period amounted to $0.06 versus a loss per share (LPS) of 0.08 the prior year, while LPS for the quarter amounted to $0.043 (2020: LPS $0.033). The trailing twelve months earning per share amounted to $0.53. The number of shares used in our calculations is 400,000,000. As at February 15, 2022 SSLVC stock price closed the trading period at a price of $1.85, with a corresponding P/E ratio of 3.48 times.
Management stated, “On the 31 of January 2022, the company advised the market that it had received an offer for the purchase of 100% of the issued share capital from Micro Financing Solutions at a price of $0.0948 per share. SSLVC understands that the Offeror’s draft Take Over Bid Circular is awaiting regulatory feedback prior to next steps. SSLVC is awaiting the completion of that process before complying with the required regulatory obligations.”
Balance sheet at a glance:
As at December 31, 2021, total assets amounted to $30.75 million down 73% from the $113.80 million booked in 2020. This decrease was mainly due to decreases in ‘Deferred Tax Asset’ and ‘Receivables’ which closed at nil (2020: $52.20 million) and $12.62 million ($41.84 million), respectively.
Shareholders’ deficit closed at $25.27 million relative to shareholders’ deficit $237.99 million recorded in the prior year’s corresponding period. This resulted in a shareholders’ deficit per share of $0.06 (2020 shareholders’ deficit per share: $0.59).
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