XFUND reports year end net profit of $465.91 million

March 03, 2023

Sagicor Real Estate XFUND Limited (XFUND), for the year ending December 31, 2022, reported total revenue of $7.12 billion relative to the $5.79 billion reported in 2021, a 23% increase year over year.  While for the fourth quarter, revenues moved from $1.88 billion in 2021 to $1.94 billion in 2022.

Hotel Revenue for the twelve-month period increased by 60% to $7.07 billion relative to $4.43 billion in 2021. Net Capital Loss on financial assets and liabilities amounted to $238.26 million relative to net capital gain of $1.19 billion in the prior year. Other income amounted to $4.56 million (2021: $19.87 million) for the year.

Operating Expenses grew by 33% to $6.39 billion (2021: $4.80 billion). Of this:

    • Hotel Expenses increased to $5.05 billion, up by 50% compared to $3.37 billion in the prior year. For the quarter, Hotel Expenses closed at $1.27 billion versus $985.99 million in the fourth quarter of 2021.
    • There was a Depreciation of $875.18 million (2021: $811.02 million) for the period under review. Interest Expense fell 39% in the year to $321.88 million (2021: $529.45 million).
    • Other Operating Expenses decreased to $141.40 million (2021: $94.81 million). While for the quarter, other operating expenses fell by 4% to close at $36.84 million (2021: $35.48 million). For the quarter, Operating Expenses amounted to $1.58 billion compared to the $1.30 billion reported in the prior corresponding quarter.

Operating Profit for the period amounted to $731.02 million compared to an operating profit of $990.60 million booked in 2021.

As such, Profit before tax closed the year at $731.02 million, a decline year over year from a net profit of $757.51 million. The Company reported a Net profit of $465.91 million compared to a net profit of $720.87 million in 2021. Net Profit for the quarter amounted to $254.31 million versus a net profit of $441.94 million in 2021.

Total Comprehensive Income for the year amounted to $2.51 billion relative to a profit of $978.05 million booked last year.

The EPS for the year amounted to $0.21 (2021: EPS of $0.17). EPS amounted for the quarter $0.11 (2021: $0.20). The number of shares used in our calculations was 2,243,005,125. As at March 3, 2022, the stock traded at $8.85 with a P/E ratio of 42.61 times.

Balance Sheet Highlights:

The Company, as at December 31 2022, had Total Assets worth $28.65 billion, a decrease of 8% when compared to $31.32 billion recorded as at December 31, 2021.

Total Shareholders’ Equity as at December 31, 2022 closed at $19.10 billion, a 15% increase from the $16.59 billion reported for the corresponding period last year. This resulted in a book value per share of $8.52 (2021: $7.40).

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