November 15, 2023
Sygnus Credit Investments Limited
In United States dollars (except where it is indicated otherwise):
Sygnus Credit Investments Limited (SCI) for the first quarter ended September 30, 2023, reported a 54% increase in interest income totalling $3.68 million compared to $2.39 million in the corresponding three months last year.
Interest expense amounted to $1.88 million (2022: $1.22 million), this represents an increase of 54% year over year. Consequently, net interest income increased by 36% to $2.13 million compared to $1.56 million for the first quarter ended September 30, 2022.
Total Revenue decreased by 26% to close at $1.90 million (2022: $2.57 million), while Management fees increased by 23% from $548,756 in 2022 to $673,582 for the three months. Corporate service fees for the first quarter amounted to $127,201, a 29% increase relative to $98,462 reported in 2022.
Other expenses for the three months amounted to $228,175, a 10% decrease relative to $252,255 reported in 2022. Total Expenses totalled $1.07 million, a 21% increase from the corresponding period last year. (2022: $879,067).
Profit before tax for the period for the first quarter ended September 30, 2023, amounted to $831,840, a 51% decrease relative to $1.69 million reported in 2022.
Tax charge for the three months had a 43% increase to reach $87,006 (2022: $60,634). Profit for the year, being total comprehensive income for the three months amounted to $744,834, a 54% decrease from the $1.63 million reported in 2022.
Consequently, Earnings Per Share for the three months amounted to $0.001 (2022: EPS of $0.002). The twelve-month trailing EPS was US$0.01 (J$1.09), and the number of shares used in these calculations was 345,761,426.
Notably, SCIJMD’s stock price closed the trading period on November 15, 2023, at a price of $11.31 with a corresponding P/E ratio of 10.37x. Additionally, SCIUSD’s stock price closed the trading period on November 15, 2023, at a price of US$0.0890.
Balance Sheet Highlights
The company’s assets totalled $161.97 million (2022: $142.43 million). The increase in assets resulted mainly from a 19% increase in ‘investments’ closing at $152.40 million.
Shareholder’s equity was $68.95 million (2022: $67.54 million), representing a book value per share of $0.12 (2022: $0.11).
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