November 13, 2026
Sagicor Real Estate X Fund Limited (XFUND)
Unaudited financials for the nine months ended September 30, 2026:
Sagicor Real Estate X Fund Limited (XFUND) for the nine months ended September 30, 2026, reported a 14% decrease in Total Revenue, totaling $5.84 billion, compared to $6.76 billion in the corresponding period last year. Total Revenue for the third quarter had a 15% decrease to close at $1.53 billion compared to $1.79 billion for the comparable quarter of 2025.
Net capital losses on financial assets and liabilities amounted to $33.12 million (2025: gains of $360.87 million), a reversal from the prior-year position. Interest income fell 31% to $240.02 million (2025: $345.18 million), and net investment property income decreased 10% to $65.27 million (2025: $72.48 million). Hotel revenue decreased by 7% to $5.57 billion compared to $5.96 billion for the nine months ended September 30, 2025. The company booked hotel revenue of $1.40 billion for the third quarter, versus $1.62 billion reported for the similar quarter of 2025.
Depreciation decreased by 1% to close at $466.67 million (2025: $469.04 million), while Hotel Expenses decreased by 7% from $4.43 billion in 2025 to $4.10 billion in the period under review. Other operating expenses for the nine months ended September 30, 2026, amounted to $402.65 million, a 10% increase relative to $365.97 million reported in 2025, while interest and other financing costs fell 32% to $150.84 million (2025: $220.41 million) on debt repayments.
Operating Expenses for the nine months ended September 30, 2026, amounted to $5.12 billion, a 7% decrease relative to $5.49 billion reported in 2025. Operating Expenses for the third quarter amounted to $1.59 billion (2025: $1.66 billion). Profit before taxation totalled $716.14 million, a 44% decrease from the corresponding period last year (2025: $1.27 billion). For the third quarter, the Group recorded a loss before taxation of $62.25 million, against a profit of $130.50 million in the comparable quarter of 2025.
Taxation for the nine months ended September 30, 2026, amounted to $279.18 million, a 9% decrease relative to $308.33 million reported in 2025. Taxation for the third quarter amounted to $68.82 million (2025: $47.35 million), a charge incurred despite the quarterly pre-tax loss.
As a result, Net Profit for the nine months ended September 30, 2026, decreased 55%, reaching $436.96 million (2025: $965.86 million). The Group reported a net loss of $131.07 million for the third quarter, compared with a net profit of $83.14 million in the third quarter of 2025.
Consequently, Earnings Per Share for the nine months amounted to $0.19 (2025: EPS: $0.43), while Loss Per Share for the quarter totaled $0.06 (2025: EPS: $0.04). The twelve-month trailing EPS was $0.21, and the number of shares used in these calculations was 2,243,005,125.
Notably, XFUND’s stock price closed the trading period on November 13, 2026, at a price of $9.50 with a corresponding P/E ratio of 44.45x.
Balance Sheet Highlights
The company’s assets totalled $30.12 billion (2025: $33.74 billion). The 11% year-over-year contraction in the asset base was primarily driven by a 92% decline in Cash Resources to $236.33 million (2025: $2.89 billion) and a 38% decline in Securities purchased under resale agreements to $3.41 billion (2025: $5.52 billion); these were partly offset by a 68% increase in Receivables to $1.07 billion (2025: $633.51 million) and a 3% uptick in Property, Plant and Equipment, ending the quarter at $18.99 billion (2025: $18.49 billion). Total financial investments (current and non-current) rose 5% to $4.45 billion (2025: $4.24 billion). Total liabilities fell 38% to $6.34 billion (2025: $10.26 billion), as total borrowings declined 56% to $2.94 billion (2025: $6.74 billion).
Shareholders’ equity was $23.79 billion (2025: $23.48 billion), representing a book value per share of $10.61 (2025: $10.47).
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