Sygnus reports 16% increase in six months net profit

February 16, 2023

In United States dollars (except where it is indicated otherwise):

Sygnus Credit Investments Limited, for the six months ended December 31, 2022, reported Interest Income of US$5.99 million 27% increase on the US$4.70 million recorded in 2021. For the quarter, Interest Income rose 30% to US$3.21 million (2021: US$2.46 million). Interest expense amounted to US$2.63 million for the six months (2021: US$1.02 million). As a result, net interest income for the period amounted to US$3.36 million (2021: US$3.68 million), while for the quarter net interest income closed at US$1.80 million (2021: US$1.86 million).

The Company also reported Fair Value Gain of US$1.49 million, relative to a gain of US$373,148 booked in 2021 and other income amounted to US$33,602 (2021: US$13,055).

As such, Sygnus reported net revenue of US$4.88 million compared to US$4.07 million. For the quarter, Sygnus booked net revenue of US$2.32 million versus US$1.80 million for the quarter ended December 31, 2021.

Total Expenses for the period amounted to US$1.91 million, a 21% increase relative to US$1.58 million recorded for the corresponding period in 2021. Of expenses:

Impairment allowance on financial assets amounted to US$20,595 (2021:US$126,032).

  • Other expenses for the period amounted to US$550,238 (2021: US$319,778).
  • Total expenses for the quarter amounted to US$1.03 million relative to US$840,582 recorded for the same quarter of 2021.
  • Profit for the period amounted to US$2.86 million, 16% up from 2021’s US$2.46 million. As for the quarter the Company booked profit of US$1.23 million, 29% higher than US$953,934 for the same quarter of 2021.

As a result, Earnings per share (EPS) for the period amounted to US$0.00503 relative to an earnings per share of US$0.00422 for 2021. EPS for the quarter amounted to US$0.00218 (2021: US$0.00162). The twelve months trailing EPS amounted to US$0.0071. The number of shares used in our calculations amounted to 590,975,463 units. Notably, SCIJA and SCIJMD closed the trading period on February 15, 2023 at a price of $0.12 and $12.15, respectively. SCIUS and SCIUSD closed the trading period on February 15, 2022 at US$0.10 and US$20.90, respectively.

Balance Sheet Highlights

As at December 31, 2022, Sygnus’ total assets amounted to US$153.60 million, a 39% increase on 2021’s assets base of US$110.34 million. This was mainly due to an increase in ‘Investment’ to US$135.61 million (2021: US$86.06 million) and ‘Finace lease receivables’ to US$1.61 million (2021: US$2,036)

Total Stockholders’ equity as at December 31, 2022, closed at $68.77 million, a 2% increase from $67.65 million for the corresponding period last year. This resulted in a book value per share of US$0.116 (2021:US$0.114).


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