July 16, 2026
Sygnus Real Estate Finance Limited (SRFJMD)
Unaudited financials for the nine months ended May 31, 2026:
Sygnus Real Estate Finance Limited (SRFJMD) for the nine months ended May 31, 2026 reported a 38% increase in Interest Income totalling $217.48 million compared to $157.57 million in the corresponding period last year. Interest Income for the third quarter increased by 42% to $71.12 million compared to $50.16 million for the comparable quarter of 2025.
Interest Expense amounted to $494.92 million (2025: $457.16 million), representing an increase of 8% year over year. Consequently, the Net Interest Loss narrowed by 7% to $277.44 million compared to $299.60 million for the nine months ended May 31, 2025. For the third quarter, the Net Interest Loss widened to $104.13 million compared to $83.75 million for the corresponding quarter of 2025.
The company recorded a Fair Value Gain on Investment Properties of $806.93 million, compared to nil in the prior year. This was partly offset by a Fair Value Loss on Financial Instruments of $110.06 million compared to $108.54 million in 2025. Foreign Exchange Gains amounted to $72.09 million compared to a loss of $42.50 million in the prior year, while Other Income decreased by 20% to $63.47 million from $79.35 million.
Management Fees increased by 86% to $223.31 million (2025: $119.88 million), while Other Expenses increased by 2% from $149.27 million in 2025 to $152.87 million in the period under review. Corporate Service Fees increased to $36.79 million from $32.90 million, while Performance Fees amounted to $19.90 million compared to nil in the prior year. As a result, Total Operating Expenses for the nine months ended May 31, 2026 amounted to $456.07 million, a 51% increase relative to $302.05 million reported in 2025.
Operating Profit for the nine months ended May 31, 2026 amounted to $98.93 million, compared to an Operating Loss of $629.06 million reported in 2025. For the third quarter, Operating Profit amounted to $479.81 million, compared to an Operating Loss of $392.11 million in the corresponding quarter of 2025. The improvement was mainly driven by the $806.93 million Fair Value Gain recognised on Investment Properties, following the value enhancement activities at Lakespen Industrial Park.
Share of Loss of Joint Ventures amounted to $52.85 million, compared to a Share of Profit of $583.11 million in 2025. For the third quarter, the Share of Loss of Joint Ventures amounted to $34.78 million compared to a Share of Profit of $543.85 million in the prior year.
Profit Before Taxation for the nine months ended May 31, 2026 amounted to $46.08 million, compared to a Loss Before Taxation of $45.96 million reported in 2025. For the third quarter, Profit Before Taxation increased by 193% to $445.03 million, compared to $151.74 million in the corresponding quarter of 2025.
Taxation for the nine months was negligible at $2,000, compared to a tax credit of $245,000 in 2025. Consequently, Profit for the Period amounted to $46.08 million, compared to a Loss of $45.71 million in the prior year. For the third quarter, Profit for the Period increased by 193% to $444.29 million, compared to $151.74 million in the corresponding quarter of 2025.
Consequently, the company reported Earnings Per Share of $0.13 for the nine months ended May 31, 2026, compared to a Loss Per Share of $0.14 in 2025, based on the weighted average number of ordinary stock units. However, using 208,099,874 shares outstanding, the Earnings Per Share amounted to approximately $0.22, while Earnings Per Share for the third quarter amounted to approximately $2.13. The twelve-month trailing EPS on this basis was approximately $4.22.
Notably, SRFJMD’s stock price closed the trading period on July 16, 2026, at $9.90. Using the company’s reported EPS figures, the twelve-month trailing EPS is approximately $2.61, implying a P/E ratio of approximately 3.79x.
Balance Sheet Highlights
The Group’s Total Assets amounted to $18.14 billion at May 31, 2026, representing a 13% increase from $16.06 billion in 2025. The increase was mainly driven by the recognition of Development in Progress of $5.09 billion, compared to nil in the prior year. This reflected the reclassification of land from Investment Properties and development costs associated with the Lakespen Industrial Park project.
Shareholders’ Equity increased to $9.26 billion from $8.38 billion in 2025. The company-reported book value per share was $26.67, compared to $24.14 in the prior year. However, using 208,099,874 shares outstanding, the calculated book value per share was approximately $44.50, compared to $40.28 in 2025.
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