January 15, 2026
Sygnus Real Estate Finance Limited (SRFJMD)
Unaudited Financial Results for the First Quarter Ended November 30, 2025
Sygnus Real Estate Finance Limited (SRFJMD) for the first quarter ended November 30, 2025, reported a 26% increase in interest income totalling $73.84 million compared to $58.76 million in the corresponding three months last year.
Interest expense declined by 17% to $157.70 million, down from $189.58 million in the prior year. As a result, net interest expense decreased by 36% to $83.86 million, compared to $130.83 million for the first quarter ended November 30, 2024.
Management fees increased by 77% to $74.26 million, compared to $41.88 million in 2024, while other expenses declined by 32% to $32.48 million, down from $47.46 million in the prior year. Consequently, operating expenses for the first quarter amounted to $127.00 million, reflecting a 25% increase from $101.31 million reported in 2024.
The operating loss for the three-month period amounted to $195.32 million, representing a 25% improvement from the operating loss of $259.32 million reported in 2024. The share of profit from joint ventures totaled $12.27 million, reflecting a 48% decline from $23.63 million in the corresponding period last year.
Loss before taxation for the first quarter amounted to $183.05 million, a 22% reduction from $235.69 million reported in 2024. The taxation credit for the quarter totaled $0.74 million. As a result, loss for the three-month period stood at $182.31 million, representing a 23% decrease from $235.69 million in the prior year. Total comprehensive loss for the first quarter amounted to $182.30 million, compared to $235.61 million in 2024.
Consequently, Loss Per Share for the three months amounted to $0.88 (2024: LPS: $1.13). The twelve-month trailing EPS was $4.04, and the number of shares used in these calculations was 208,099,874.
Notably, SRFJMD’s stock price closed the trading period on January 14, 2026, at a price of $13.00 with a corresponding P/E ratio of 3.22x.
Balance Sheet Highlights
Total assets amounted to $17.18 billion, up from $15.20 billion in 2024. This increase was primarily driven by higher investments in joint ventures, which rose to $4.02 billion, compared to $2.37 billion in the prior year.
Shareholders’ equity stood at $9.03 billion, up from $7.81 billion in 2024, translating to a book value per share of $43.40, compared to $37.55 in the previous year.
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