November 15, 2024
Sygnus Credit Investments Limited (SCIJMD)
Unaudited financials for the first quarter ended September 30, 2024:
Expressed in United States dollars unless otherwise stated:
Sygnus Credit Investments Limited (SCIJMD) for the first quarter ended September 30, 2024, reported a 31% increase in interest income totaling $4.82 million compared to $3.68 million in the corresponding three months last year.
Interest expense amounted to $3.04 million (2023: $1.88 million), this represents an increase of 62% year over year. Consequently, net interest income increased by 8% to $2.31 million compared to $2.13 million for the first quarter ended September 30, 2023.
Fair value gains on investment increased by 1409% to close at $3.78 million (2023: $288,527), while Net foreign exchange gains increased by 606% from $42,348 in 2023 to $299,135 for the three months. As a result, Total Revenue for the first quarter amounted to $6.40 million, a 230% increase relative to $1.94 million reported in 2023.
SYGNUS highlighted, “The outturn in fair value gains were primarily driven by a sharp decline in interest rates during Q1 Sep 2024 relative to the corresponding period last year. Interest rate movements may cause material fluctuations in fair value gains or fair value losses from period to period.”
Management fees for the three months amounted to $803,673, a 19% increase relative to $673,582 reported in 2023, while other expenses increased by 23% from $228,175 in 2023 to $279,975 in the period under review. As a result, Total Expenses totalled $1.31 million a 18% increase from the corresponding period last year. (2023: $1.11 million).
Profit before tax for the period for the first quarter ended September 30, 2024, amounted to $5.09 million, a 512% increase relative to $831,840 reported in 2023.
Tax charge for the three months had a 92% increase to reach $166,973 (2023: $87,006). As such, Profit for the year, being total comprehensive income for the three months amounted to $4.92 million, a 561% increase from the $744,834 reported in 2023.
Consequently, Earnings Per Share for the three months amounted to $0.0085 (2023: EPS: $0.0013). The twelve-month trailing EPS was $0.0175 (J$2.78), and the number of shares used in these calculations was 337,964,858.
Notably, SCIJMD’s stock price closed the trading period on November 14, 2024, at a price of J$11.79 with a corresponding P/E ratio of 4.25x.
Balance Sheet Highlights
The company’s assets totalled $203.36 million (2023: $161.97 million). The growth in total asset was primarily driven by a $40.30 million or 26% increase in ‘Investments’ from $152.40 million in 2023 to $192.70 million in the period under review.
Shareholder’s equity was $77.02 million (2023: $68.95 million), representing a book value per share of $0.23 (2023: $0.20).
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