May 19, 2026
Sygnus Credit Investments Limited (SCIJMD)
Unaudited financials for the nine months ended March 31, 2026:
Expressed in United States dollars (except where indicated otherwise)
Sygnus Credit Investments Limited (SCIJMD) for the nine months ended March 31, 2026, reported a 5% decrease in Total interest income totaling $15.73 million compared to $16.62 million in the corresponding period last year. Total interest income for the third quarter had a 31% decrease to close at $4.20 million compared to $6.13 million for the comparable quarter of 2025.
Management noted that the quarterly performance was affected by a one-off US$1.24 million downward adjustment in interest income, reflecting a recalibration that resulted in revisions to interest accruals recognized across multiple periods, with the cumulative adjustment recorded in the current quarter.
Interest expense amounted to $10.66 million (2025: $9.90 million), this represents an increase of 8% year over year. Consequently, net interest income decreased by 25% to $5.07 million compared to $6.72 million for the nine months ended March 31, 2025. The company booked net interest income of $372,493 for the third quarter versus $2.60 million reported for the similar quarter of 2025.
Fair value gains on investments increased by 9% to close at $5.65 million (2025: $5.18 million), while Net foreign exchange losses of $380,688 were recorded relative to a gain of $254,621 in the prior period, driven primarily by appreciation in the JMD/USD exchange rate from J$159.66 to US$1.00 at FYE June 2025 to J$157.67 to US$1.00 at Q3 March 2026. As a result, total revenue (income) for the nine months ended March 31, 2026, amounted to $10.48 million, a 15% decrease relative to $12.36 million reported in 2025.
Management fees increased by 7% to close at $2.68 million (2025: $2.50 million), while other expenses increased by 21% from $1.07 million in 2025 to $1.29 million in the period under review. Notably, Performance fees recorded a reversal of $152,963, compared to an accrual of $57,994 in the prior period, while Corporate service fees more than doubled to $375,704 (2025: $157,824) reflecting the normalization of fees following prior year adjustments. Impairment allowance on financial assets for the nine months ended March 31, 2026, amounted to $1.44 million, a 14% increase relative to $1.27 million reported in 2025. As a result, Total Expenses totalled $5.63 million, a 12% increase from the corresponding period last year (2025: $5.05 million).
Profit before tax for the nine months ended March 31, 2026, amounted to $4.85 million, a 34% decrease relative to $7.31 million reported in 2025. Profit before tax for the third quarter amounted to $2.24 million (2025: $1.91 million), an increase of 17%.
Tax credit for the nine months ended March 31, 2026, amounted to $3,162 (2025: Tax charge of $338,203). As such, Profit for the period, being total comprehensive income for the nine months amounted to $4.85 million, a 30% decrease from the $6.97 million reported in 2025. For the third quarter, Net Profit was $2.20 million (2025: Net Profit of $1.84 million), representing an increase of 20%, reflecting higher Puerto Rico Credit Fund investment income and a materially lower change in impairment allowance provisioned during the quarter.
Consequently, Earnings Per Share for the nine months amounted to J$1.33 (2025: EPS: J$1.90), while EPS for the quarter totaled J$0.60 (2025: EPS: J$0.51). The twelve-month trailing EPS was J$0.59, and the number of shares used in these calculations was 580,564,094.
Notably, SCIJMD’s stock price closed the trading period on May 18, 2026, at a price of J$10.25 with a corresponding P/E ratio of 17.36x.
Balance Sheet Highlights
The company’s assets totalled $242.83 million (2025: $228.41 million). The growth in total assets was primarily driven by increases in Investments and Interest Receivable by $12.06 million and $4.64 million, respectively, partially offset by a decrease in Cash and Cash Equivalents of $2.96 million.
Shareholder’s equity was $76.02 million (2025: $75.86 million), representing a book value per share of J$20.77 (2025: J$20.69).
SYGNUS highlighted, “During Q3, SCI successfully closed a US$27.39 million equivalent dual-tranche JMD/USD capital raise, extended its dual-currency JMD/USD preference shares maturing in December 2025 by three years at lower rates of 9.85% and 7.50%, and refinanced approximately US$15.76 million in bond and note maturities. The Group’s Puerto Rican subsidiary, Acrecent Financial LLC, delivered record results with quarterly net profits exceeding US$3.00 million and total assets surpassing US$150.00 million.”
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