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)
Disclaimer:
Analyst Certification -The views expressed in this research report accurately reflect the personal views of Mayberry Investments Limited Research Department about those issuer (s) or securities as at the date of this report. Each research analyst (s) also certify that no part of their compensation was, is, or will be, directly or indirectly, related to the specific recommendation (s) or view (s) expressed by that research analyst in this research report.
Company Disclosure -The information contained herein has been obtained from sources believed to be reliable, however its accuracy and completeness cannot be guaranteed. You are hereby notified that any disclosure, copying, distribution or taking any action in reliance on the contents of this information is strictly prohibited and may be unlawful. Mayberry may effect transactions or have positions in securities mentioned herein. In addition, employees of Mayberry may have positions and effect transactions in the securities mentioned herein.
