February 15, 2024
In United States dollars (except where it is indicated otherwise):
Sygnus Credit Investments Limited (SCIJMD) for the six months ended December 31, 2023, reported a 27% increase in Interest income totaling $7.62 million compared to $5.30 million in the corresponding period last year. Interest income for the second quarter had a 35% increase to close at $3.94 million compared to $2.91 million for the comparable quarter of 2022.
Interest expense amounted to $3.96 million (2022: $2.63 million), this represents an increase of 51% year over year. Consequently, net interest income increased by 28% to $4.31 million compared to $3.36 million for the six months ended December 31, 2022. The company booked net interest income of $2.18 million for the second quarter versus $1.80 million reported for the similar quarter of 2022.
Total Revenue decreased by 4% to close at $4.70 million (2022: $4.88 million), while Management fees increased by 19% from $1.13 million in 2022 to $1.34 million in the period under review. As a result, corporate service fees for the six months ended December 31, 2023, amounted to $252,847, a 24% increase relative to $203,871 reported in 2022.
Other expenses for the six months ended December 31, 2023, amounted to $416,955, a 24% decrease relative to $550,238 reported in 2022. Other expenses for the second quarter amounted to $188,780 (2022: $297,983). Total Expenses totalled $2.30 million, a 20% increase from the corresponding period last year. (2022: $1.91 million).
Profit before tax for the period for the six months ended December 31, 2023, amounted to $2.40 million, a 19% decrease relative to $2.97 million reported in 2022. Profit before tax for the period for the second quarter amounted to $1.57 million (2022: $1.29 million).
Taxation for the six months ended December 31, 2023, was $128,847 (2022: $117,963). Profit for the year, being total comprehensive income for the six months amounted to $2.28 million, a 20% decrease from the $2.86 million reported in 2022. For the second quarter, profit for the year, being total comprehensive income, was $1.53 million (2022: $1.23 million).
Consequently, Earnings Per Share for the six months amounted to J$0.63 (2022: EPS: J$0.77), while Earnings Per Share for the quarter totaled J$0.33 (2022: EPS: J$0.41). The twelve-month trailing EPS was J$1.17, and the number of shares used in these calculations was 345,761,426.
Notably, SCIJMD’s stock price closed the trading period on February 15, 2024, at a price of J$11.01 with a corresponding P/E ratio of 9.43x.
Balance Sheet Highlights
The company’s assets totalled $206.62 million (2022: $153.60 million). This resulted from a 302% jump in ‘Cash at bank’ closing at $43.45 million.
Shareholder’s equity was $70.48 million (2022: $68.77 million), representing a book value per share of J$18.48 (2022: J$17.74).
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