November 2, 2026
Sygnus Real Estate Finance Limited (SRFJMD)
Audited financials for the twelve months ended August 31, 2026:
Sygnus Real Estate Finance Limited (SRFJMD) for the twelve months ended August 31, 2026 reported an 8% increase in Interest Income totalling $283.84 million compared to $262.78 million in the corresponding period last year. Interest Income for the fourth quarter declined by 37% to $66.37 million compared to $105.22 million for the comparable quarter of 2025.
Interest Expense increased by 12% to $675.75 million from $604.34 million in 2025. Consequently, the Net Interest Expense deficit widened by 15% to $391.91 million compared to $341.56 million for the twelve months ended August 31, 2025. For the fourth quarter, Net Interest Expense amounted to $114.46 million compared to $41.96 million in the corresponding quarter of 2025.
The Group recorded Fair Value Gains on Investment Properties of $739.29 million, representing a 32% decrease from $1.08 billion reported in 2025. Meanwhile, Fair Value Losses on Financial Instruments at Fair Value Through Profit or Loss narrowed significantly to $15.04 million from $431.65 million in the prior year. Foreign Exchange also moved to a gain of $43.45 million compared to a loss of $66.52 million in 2025.
Other Income increased by 45% to $106.94 million from $73.51 million in 2025. Management Fees increased by 83% to $303.71 million from $165.99 million, while Corporate Service Fees increased by 10% to $49.91 million from $45.18 million. Performance Fees declined by 35% to $19.90 million from $30.78 million, while Other Expenses increased by 4% to $198.01 million from $190.57 million. As a result, Total Operating Expenses for the twelve months ended August 31, 2026 amounted to $572.02 million, representing a 32% increase relative to $432.52 million reported in 2025.
The Group recorded an Operating Loss of $89.29 million for the twelve months ended August 31, 2026, representing a 34% widening from the $66.67 million operating loss reported in 2025. For the fourth quarter, the Operating Loss amounted to $188.22 million compared to an Operating Profit of $562.39 million in the corresponding quarter of 2025.
Share of Profit of Joint Ventures decreased by 71% to $219.08 million from $748.68 million in the prior year. Consequently, Profit Before Taxation for the twelve months ended August 31, 2026 amounted to $129.79 million, representing an 81% decrease from $682.01 million reported in 2025. For the fourth quarter, Profit Before Taxation decreased to $83.71 million from $727.96 million in the corresponding quarter of 2025.
The Group recorded a Taxation Charge of $466,000 for the twelve months ended August 31, 2026, compared to a Taxation Credit of $105.00 million in 2025. Consequently, Net Profit for the year decreased by 84% to $129.33 million compared to $787.01 million in the prior year. For the fourth quarter, Net Profit amounted to $83.25 million, representing a 90% decrease from $832.72 million in the corresponding quarter of 2025.
Total Comprehensive Income for the year amounted to $129.48 million, representing an 84% decrease from $786.83 million in 2025.
Consequently, Basic and Diluted Earnings Per Stock Unit for the twelve months ended August 31, 2026 amounted to $0.37 (2025: $2.34), while Earnings Per Stock Unit for the fourth quarter amounted to $0.24 (2025: $2.40). The twelve-month trailing EPS was $0.37. The company had 347,233,574 ordinary stock units outstanding at August 31, 2026, comprising 208,099,874 JMD-denominated stock units (SRFJMD) and 139,133,700 USD-denominated stock units.
Notably, SRFJMD’s stock price closed the trading period on October 30, 2026 at $8.08, with a corresponding P/E ratio of approximately 13.00x.
Balance Sheet Highlights
The Group’s Total Assets amounted to $18.67 billion at August 31, 2026, representing a 10% increase from $17.04 billion in 2025. The increase was primarily associated with the recognition of $5.24 billion in Development in Progress, which was not recorded in the prior year. This balance comprised $4.86 billion transferred from Investment Properties following a change in the intended use of land at Cowpark, Caymanas Estate, together with $374.90 million in capitalised development costs incurred during the year.
Shareholders’ Equity increased marginally to $9.34 billion from $9.21 billion in 2025, representing a book value per ordinary stock unit of approximately $44.90 (2025: $44.28).
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