November 13, 2024
Sagicor Real Estate X Fund LTD(XFUND)
Unaudited financials for the nine months ended September 30, 2024:
Sagicor Real Estate X Fund LTD (XFUND) for the nine months ended September 30, 2024 reported a 2% increase in Total Revenue totaling $6.16 billion compared to $6.02 billion in the corresponding period last year. Total Revenue for the third quarter had a 4% increase to close at $1.82 billion compared to $1.75 billion for the comparable quarter of 2023.
Net capital gains on financial assets and liabilities amounted to $130.58 million (2023: $106.02 million), this represents an increase of 23% year over year. Consequently, hotel revenue remained flat over the nine-month period ending the most recent period at $5.614 billion compared to $5.608 billion for the nine months ended September 30, 2023. The company booked hotel revenue of $1.49 billion for the third quarter versus $1.62 billion reported for the similar quarter of 2023.
Depreciation decreased by 14% to close at $594.82 million (2023: $693.63 million), while Hotel Expenses increased by 2% from $4.15 billion in 2023 to $4.23 billion in the period under review. As a result, other operating expenses for the nine months ended September 30, 2024, amounted to $360.65 million, a 24% increase relative to $291.19 million reported in 2023.
Operating Expenses for the nine months ended September 30, 2024, amounted to $5.45 billion, a 1% increase relative to $5.40 billion reported in 2023. Operating Expenses for the third quarter amounted to $1.63 billion (2023: $1.71 billion). Operating Profit totaled $712.73 million a 14% increase from the corresponding period last year. (2023: $624.55 million).
Taxation for the nine months ended September 30, 2024, amounted to $283.28 million, a 43% increase relative to $198.61 million reported in 2023. Taxation for the third quarter amounted to $57.99 million (2023: $37.75 million).
Net Profit from continuing operations for the nine months ending September 30, 2024 had a 1% increase to reach $429.45 million (2023: $425.94 million) . Net profit attributable to shareholders for the nine months amounted to $429.45 million, a 1% increase from the $425.94 million reported in 2023. For the third quarter, Net profit attributable to shareholders was $130.99 million (2023: $5.38 million).
Consequently, Earnings Per Share for the nine months amounted to $0.19 (2023: EPS: $0.19), while Earnings Per Share for the quarter totaled $0.06 (2023: EPS: $0.002). The twelve-month trailing EPS was $0.29, and the number of shares used in these calculations was 2,243,005,125. Notably, XFUND’s stock price closed the trading period on November 12, 2024 at a price of $7.95 with a corresponding P/E ratio of 27.37x.
Balance Sheet Highlights
The company’s assets totalled $31.96 billion (2023: $30.03 billion). The overall growth in the company’s total assets is due to a 6% year-over-year increase in “Property, Plant, and Equipment,” reaching $17.35 billion by the end of the quarter (compared to $16.41 billion in 2023), a 17% year-over-year rise in “Cash Resources,” totaling $2.37 billion (up from $2.02 billion in 2023), and an 18% year-over-year increase in “Inventories,” amounting to $57.83 million (compared to $48.81 million in 2023).
Shareholders’ equity was $21.56 billion (2023: $19.82 billion), representing a book value per share of $9.61 (2023: $8.84).
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