March 1, 2024

Sagicor Select Funds Limited Manufacturing & Distribution (SELECTMD) for the twelve months ended December 31, 2023, reported a 180% increase in Interest Income totalling $13.23 million compared to $4.72 million in the corresponding period last year. Interest Income for the fourth quarter had a 13% increase to close at $4.05 million compared to $3.59 million for the comparable quarter of 2022.

Dividend Income amounted to $124.87 million (2022: $107.30 million), this represents an increase of 16% year over year.

Other net changes in fair value on financial assets at fair value through profit amounted to $80.68 million compared to loss of $74.13 million for the twelve months ended December 31, 2022.

Consequently, Net investment income increased by 308% to close at $218.77 million (2022: $53.66 million). For the quarter, net investment income amounted to $171.43 million (2022: $2.70 million).

Total expenses for the twelve months ended December 31, 2023, had a 17% decrease to reach $27.73 million (2022: $33.36 million).

Net profit for the twelve months amounted to $191.05 million, an 841% increase from the $20.30 million reported in 2022. For the fourth quarter, net profit was $124.03 million (2022: Net loss of $4.34 million).

Consequently, Earnings Per Share for the twelve months amounted to $0.05 (2022: EPS: $0.01), while Earnings Per Share for the quarter totalled $0.03 (2022: LPS: $0.001). The number of shares used in these calculations was 3,816,612,000.

Notably, SELECTMD’s stock price closed the trading period on February 29, 2024 at a price of $0.61 with a corresponding P/E ratio of 12.19x.

Balance Sheet Highlights

The company’s assets totalled $4.10 billion (2022: $4.03 billion). ‘Financial assets at fair value through profit or loss’ increased 2% to $3.94 billion (2022: $3.86 billion).

Shareholder’s equity was $4.08 billion (2022: $4.01 billion), representing a book value per share of $1.07 (2022: $1.05).

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