Sagicor Real Estate X Fund LTD (XFUND) for the first quarter ended March 31, 2024, reported a 6% increase in total revenue totalling $2.22 billion compared to $2.09 billion in the corresponding three months last year.

Net capital losses on financial assets and liabilities amounted to $100.61 million (2023: $51.72 million), this represents a decrease of 95% year over year.

Hotel revenue increased by 7% to $2.19 billion compared to $2.04 billion for the first quarter ended March 31, 2023.

Depreciation expenses increased by 4% to close at $240.62 million (2023: $230.50 million), while Hotel Expenses increased by 5% from $1.44 billion in 2023 to $1.52 billion for the three months. Also, Other operating expenses for the first quarter amounted to $123.26 million, a 24% increase relative to $99.28 million reported in 2023.

Total Operating Expenses for the three months amounted to $1.96 billion, a 6% increase relative to $1.86 billion reported in 2023.

Operating Profit totalled $256.00 million, a 13% increase from the corresponding period last year. (2023: $227.30 million).

Taxation for the first quarter ended March 31, 2024, amounted to $127.01 million, a 43% increase relative to $88.52 million reported in 2023.

Net Profit for the three months contracted 7% to reach $128.99 million (2023: $138.79 million). Consequently, Earnings Per Share for the three months amounted to $0.058 (2024: EPS: $0.062). The twelve month trailing EPS was $0.28, and the number of shares used in these calculations was 2,243,005,125.

Notably, XFUND’s stock price closed the trading period on May 15, 2024, at a price of $7.49 with a corresponding P/E ratio of 26.32x.

Balance Sheet Highlights

The company’s assets totalled $31.33 billion (2024: $28.95 billion). The growth in total assets was primarily driven by a $3.37 billion increase in ‘Financial Investments’, while ‘Cash resources’ declined by $1.59 billion to offset the movement.

Shareholder’s equity was $20.92 billion (2024: $19.20 billion), representing a book value per share of $9.33 (2023: $8.56).

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