Sagicor X Fund Limited Releases Results for Q1 2019

 

• The group achieved a 109% upturn in profits for the first quarter ended March 31, 2019. Net profits moved from $492.63Mn (EPS: $0.22) to $1.03Bn (EPS: $0.31) mainly as a result of efficiency measures undertaken by the company.
• The company experienced a 44.5% dip in expenses, moving from $2.8Bn in 2018 to $1.5Bn in 2019 which contributed substantially to the improvement in the bottom line. There was a decline in all expenses incurred for the period, but the biggest reductions were seen in ‘interest and other financing costs’ which fell by 158%, and ‘hotel expenses from continuing operations’ which dropped by 43%.
• The stock’s price has fallen 29.42% since the start of the calendar year. Sagicor Real Estate X Fund closed trading yesterday at $9.93 and currently trades at a P/E of 62.06x earnings which is above the Main Market Real Estate sector average of 23.83x.

 (Source: Sagicor X Fund Financials)