SSLVC reports six months net profit of $10.66 million

August 26, 2019

SSL Venture Capital Jamaica Limited (SSLVC) For the six months ended June 30, 2019 reported revenues of $132.10 million versus $43,725 reported in the prior year’s corresponding period. While for the quarter, SSLVC reported 38.51 million (2018: $43,725) in revenue.

Cost of sales amounted to $112.68 million (2018: nil), thus resulting in gross profit of $19.42 million relative to $43,725 booked last year. Gross profit for the quarter amounted to $11.63 million versus $43,725 booked for the second quarter of 2018.

Other operating income closed at $93.29 million (2018: $1.60 million). In addition, there was operating and administrative expenses of $100.73 million booked in the six months of 2019 compared to $2.38 million documented in the previous year.

Consequently, SSLVC recorded operating profit of $11.98 million versus a loss of $740,214 reported in 2018. Operating profit for the second quarter closed at $47.58 million relative to $513,486 reported for the same quarter of 2018.  Finance cost for the year grew 253% to close at $1.32 million compared to $374,505 reported in 2018.

The Company reported profit before taxation of $10.66 million versus a loss of $1.11 million reported in 2018. The Company reported nil for taxation (2018: nil), which led to a net profit of $10.66 million relative to a loss $1.11million booked in the prior year’s corresponding period. Net profit for the quarter amounted to $46.27 million (2018: $329,922).

Net profit attributable to stockholders closed the six months period at $7.48 million versus a loss of $782,363 reported for the prior year. Management noted that, “It should be mentioned at this time that the comparative would not have reflected the three (3) Investment Holdings (Bar Central Limited, Blue Dot Data Intelligence Limited and Muse 360 Integrated Limited) which were acquired in the second half of 2018.”

Earnings per share (EPS) for the period amounted to $0.02 versus a loss per share (LPS) of 0.002 the prior year, while EPS for the quarter amounted to $0.08 (2018: $0.001). The trailing twelve months loss per share amounted to $0.063. The number of shares used in our calculations is 400,000,000. SSLVC stock price closed the trading period at a price of $1.61 on August 23, 2019.

 

Balance Sheets Highlights:

As at June 30, 2019, total assets amounted to $298.95 million up from the $450,052 booked in 2018. This increase was mainly due to an increase in ‘Property and Equipment’, ‘Receivables’, ‘Goodwill’ which closed at $19.32 million (2018: $39,585) and $39.02 million (2018: $194,044), $107.51 million (2018: nil) respectively. ‘Inventories’ and ‘Cash and bank balances’ also contributed to the increase in the asset base to close at $5.34 million (2018: nil) and $19.59 million (2018: $33,634).

Shareholders’ deficit closed at $56.77 million relative to shareholders’ deficit $31.71 million recorded in the prior year’s corresponding period. This resulted in a shareholders’ deficit per share of $0.14 (2018: $0.08).

Management noted, “SSL Ventures continues to work with the three aforementioned companies to execute its mandate to realize shareholder returns via an exit through an IPO or private sale within three years. This quarter has been focused on improving operations and building intrinsic value for the companies.”

 

 

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2019-08-26T18:15:32+00:00