October 01, 2024
Sygnus Credit Investments Limited (SCIJMD)
Audited financials for the year ended June 30, 2024:
Expressed in United States dollars unless otherwise stated:
Sygnus Credit Investments Limited (SCIJMD) for the year ended June 30, 2024, reported a 37% increase in Interest income totaling $17.34 million compared to $12.62 million in the corresponding period last year. Interest income for the fourth quarter had a 5% increase to close at $4.74 million compared to $4.50 million for the comparable quarter of 2023.
Interest expense amounted to $10.29 million (2023: $5.95 million), this represents an increase of 73% year over year. Consequently, net interest income increased by 4% to $8.48 million compared to $8.14 million for the year ended June 30, 2023. The company booked net interest income of $4.74 million for the fourth quarter versus $4.50 million reported for the similar quarter of 2023.
Total Revenue increased by 7% to close at $10.58 million (2023: $9.92 million), while Management fees increased by 22% from $2.36 million in 2023 to $2.88 million in the period under review. As a result, corporate service fees for the year ended June 30, 2024, amounted to $557,060, a 28% increase relative to $433,613 reported in 2023.
Other expenses for the year ended June 30, 2024, amounted to $1.17 million, a 31% increase relative to $892,042 reported in 2023. Other expenses for the fourth quarter amounted to $435,692 (2023: $216,489). Total Expenses totalled $5.19 million, a 12% increase from the corresponding period last year. (2023: $4.65 million).
Profit before tax for the period for the year ended June 30, 2024, amounted to $5.39 million, a 2% increase relative to $5.27 million reported in 2023. Profit before tax for the period for the fourth quarter amounted to $881,979 (2023: $777,967).
Tax Credit for the year ended June 30, 2024 was $632,564 whilst Tax Charge for the similar period of 2023 was a $136,203. Profit for the year, being total comprehensive income for the twelve months amounted to $6.03 million, a 17% increase from the $5.13 million reported in 2023. For the fourth quarter, Profit for the year, being total comprehensive income was $1.68 million (2023: $849,118).
Consequently, Earnings Per Share for the twelve months amounted to US$0.024 (2023: EPS: US$0.021), while Earnings Per Share for the quarter totaled US$0.0036 (2023: EPS: US$0.0032). The twelve-month trailing EPS was J$3.88, and the number of shares used in these calculations was 343,361,426.
Notably, SCIJMD’s and SCIUSD’s stock prices closed the trading period on September 30, 2024, at a price of J$11.41 and US$0.07, with a corresponding P/E ratio of 2.94x.
Balance Sheet Highlights
The company’s assets totalled $198.54 million (2023: $163.86 million). The increase in assets resulted mainly from a $36.84 million increase in ‘Investments’ which closed at $188.05 million.
Shareholder’s equity was $72.10 million (2023: $69.81 million), representing a book value per share of $0.21 (2023: $0.20).
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