February 17, 2025
Sygnus Credit Investments Limited (SCIJMD)
Unaudited Financials for the Six Months Ended December 31, 2024
Expressed in United States dollars (except where indicated otherwise)
Sygnus Credit Investments Limited (SCIJMD) reported a 24% increase in interest income, totaling $9.45 million for the six months ended December 31, 2024, compared to $7.62 million in the corresponding period last year. Interest income for the second quarter increased by 17%, closing at $4.63 million compared to $3.94 million for the comparable quarter of 2023.
Interest expense amounted to $6.37 million (2023: $3.96 million), representing a 61% year-over-year increase. Consequently, net interest income decreased by 4% to $4.12 million compared to $4.31 million for the six months ended December 31, 2023. The company booked net interest income of $1.82 million for the second quarter versus $2.18 million reported for the similar quarter of 2023.
Fair value gains on investment increased by 3,158%, closing at $3.85 million (2023: $118,094), while net foreign exchange losses decreased by 90% from $75,912 in 2023 to $7,224 in the period under review. As a result, total revenue for the six months ended December 31, 2024, amounted to $8.13 million, a 76% increase relative to $4.62 million reported in 2023.
Management fees for the six months ended December 31, 2024, amounted to $1.64 million, a 22% increase relative to $1.34 million reported in 2023. Management fees for the second quarter amounted to $832,076 (2023: $667,896). Total expenses totaled $2.73 million, a 23% increase from the corresponding period last year (2023: $2.22 million).
Profit before tax for the six months ended December 31, 2024, amounted to $5.39 million, a 124% increase relative to $2.40 million reported in 2023. Profit before tax for the second quarter amounted to $302,124 (2023: $1.57 million).
The taxation charge for the six months ended December 31, 2024, increased by 106% to reach $265,307 (2023: $128,847).
Profit for the year, being total comprehensive income for the six months, amounted to $5.13 million, a 125% increase from the $2.28 million reported in 2023. For the second quarter, profit for the year, being total comprehensive income, was $203,790 (2023: $1.53 million).
Consequently, earnings per share for the six months amounted to $0.88 (2023: EPS: $0.39), while earnings per share for the quarter totaled $0.04 (2023: EPS: $0.22). The twelve-month trailing EPS was $4.17, and the number of shares used in these calculations was 337,964,858.
Notably, SCIJMD’s stock price closed the trading period on February 17, 2025, at a price of $12.50 with a corresponding P/E ratio of 3.00x.
Balance Sheet Highlights
The company’s assets totaled $217.81 million (2023: $206.63 million). This increase was attributable to investments, which amounted to $206.72 million (2023: $156.29 million).
Shareholders’ equity was $75.62 million (2023: $70.48 million), representing a book value per share of $0.22 (2023: $0.21).
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