Sagicor Real Estate X Fund LTD (XFUND)
Unaudited financials for the six months ended June 30, 2024:
Sagicor Real Estate X Fund LTD (XFUND) for the six months ended June 30, 2024, reported a 2% increase in Total Revenue totaling $4.34 billion compared to $4.27 billion in the corresponding period last year. Total Revenue for the second quarter had a 3% decrease to close at $2.12 billion for the period under review compared to $2.19 billion for the comparable quarter of 2023.
Net capital losses on financial assets and liabilities amounted to $47.79 million (2023: Gains of $96.71 million), this represents a decrease of 149% year over year. Consequently, hotel revenue increased by 4% to $4.13 billion compared to $3.99 billion for the six months ended June 30, 2023. The company booked hotel revenue of $1.938 billion for the second quarter versus $1.943 billion reported for the similar quarter of 2023.
Depreciation decreased by 3% to close at $449.01 million (2023: Gains of $460.80 million), while Hotel Expenses increased by 3% from $2.86 billion in 2023 to $2.96 billion in the period under review. As a result, other operating expenses for the six months ended June 30, 2024, amounted to $239.71 million, a 19% increase relative to $201.09 million reported in 2023.
Operating Expenses for the six months ended June 30, 2024, amounted to $3.82 billion, a 3% increase relative to $3.69 billion reported in 2023. Operating Expenses for the second quarter amounted to $1.85 billion (2023: $1.83 billion). Profit before taxation totalled $523.74 million a 10% decrease from the corresponding period last year. (2023: $581.41 million).
Taxation for the six months ended June 30, 2024, amounted to $225.29 million, a 40% increase relative to $160.86 million reported in 2023. Taxation for the second quarter amounted to $98.29 million
(2023: $72.34 million).
Net Profit for the six months ended June 30, 2024, had a 29% decrease to reach $298.45 million (2023: $420.55 million).
Total Comprehensive Income for the six months amounted to $411.77 million, a 36% decrease from the $647.20 million reported in 2023. For the second quarter, Total Comprehensive Income was $315.36 million (2023: Gains of $554.62 million).
Consequently, Earnings Per Share for the six months amounted to $0.13 (2023: EPS: $0.19), while Earnings Per Share for the quarter totaled $0.08 (2023: EPS: $0.13). The twelve-month trailing EPS was $0.23, and the number of shares used in these calculations was 2,243,005,125.
Notably, XFUND’s stock price closed the trading period on July 29, 2024, at a price of $7.95 with a corresponding P/E ratio of 33.91x.
Balance Sheet Highlights
The company’s assets totaled $31.38 billion (2023: $29.83 billion). The growth in total assets was primarily driven by a 92% or $1.65 billion increase in ‘Financial Investments’ to $3.45 billion (2023: $1.80 billion).
Shareholder’s equity was $21.24 billion (2023: $19.75 billion), representing a book value per share of $9.47 (2023: $8.81)
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