March 1, 2024
Sagicor Real Estate X Fund LTD (XFUND) for the twelve months ended December 31, 2023, reported a 13% increase in Total Revenue of $8.07 billion compared to $7.12 billion in the corresponding period last year. Total Revenue for the fourth quarter had a 5% increase to close at $2.04 billion compared to $1.94 billion for the comparable quarter of 2022. Of this:
- Interest Income totalled $428.93 million (2022: $280.39 million).
- Net capital gains on financial assets and liabilities amounted to $232.77 million (2022: Losses of $238.26 million).
- Hotel revenue increased by 4% to $7.37 billion compared to $7.07 billion for the twelve months ended December 31, 2022. The company booked hotel revenue of $1.77 billion for the fourth quarter versus $1.88 billion reported for the similar quarter of 2022.
Depreciation increased by 6% to close at $927.70 million (2022: $875.18 million), while Hotel Expenses increased by 9% from $5.05 billion in 2022 to $5.49 billion in the period under review. Also, other operating expenses for the twelve months ended December 31, 2023, amounted to $398.20 million, a 182% increase relative to $141.40 million reported in 2022.
As a result, Total Operating Expenses for the twelve months ended December 31, 2023, amounted to $7.13 billion, a 12% increase relative to $6.39 billion reported in 2022.
Operating Profit totalled $934.69 million a 28% increase from the corresponding period last year. (2022: $731.02 million).
Taxation for the twelve months ended December 31, 2023, amounted to $286.67 million, an 8% increase relative to $265.11 million reported in 2022.
Net Profit attributable to shareholders for the twelve months ended December 31, 2023, had a 39% increase to reach $648.02 million (2022: $465.91 million). For the fourth quarter, Net profit attributable to shareholders was $222.08 million (2022: $254.31 million).
Consequently, Earnings Per Share for the twelve months amounted to $0.29 (2022: EPS: $0.21), while Earnings Per Share for the quarter totalled $0.10 (2022: EPS: $0.11). The number of shares used in these calculations was 2,243,005,125.
Notably, XFUND’s stock price closed the trading period on February 29, 2024, at a price of $7.63 with a corresponding P/E ratio of 26.41x.
Balance Sheet Highlights
The company’s assets totalled $30.91 billion (2022: $28.65 billion). The growth in total assets was mainly due to ‘Financial Investments’ amounting to $2.85 billion in 2023. (2022: nil).
Shareholder’s equity was $20.83 billion (2022: $19.10 billion), representing a book value per share of $9.29 (2022: $8.52).
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