Local Investment Firms Report Mixed Quarterly Earnings for March 2026

March 2026 quarter releases for JSE-listed stocks show that the majority of Investment Firms reported higher earnings. The most frequent earnings driver was gains on investment activities.
For the March 2026 Quarter, Barita Investments Limited (BIL) delivered net profits of $1.17Bn, up 86.5% on the March 2025 quarter. The growth reflected higher operating revenue, which exceeded the dollar value growth in operating expenses (OPEX). Revenues rose by $1.55Bn (+71.9%) to $3.72Bn, driven primarily by a 154% increase in gains on investment activities, amid fair value appreciation in its equity portfolio (324.8% YoY) and the Real Estate Fund. Net interest income also improved, owing to a materially higher contribution from interest-earning assets and a more favourable rate backdrop relative to the prior-year comparative period. Conversely, OPEX surged by 84.8% to $1.02Bn, driven primarily by higher administrative and accounting costs. This expense spike was heavily influenced by an $883Mn non-recurring, accounting-related charge taken to transition from an old core technology system to a more scalable target infrastructure. As of March 19^th, BIL’s stock traded at $69.56, is down 3.4% YTD and had a P/B of 2.33x.
Meanwhile, Sygnus Credit Investments (SCI), earnings are up 19.7% to US$2.20Mn, marking its best March quarter since its inception. This was supported by an 80.0% drop in provisions for potentially bad loans as the workout of previously stressed borrowers neared completion. Mark-to-market gain in fair-value investments of US$123.5K versus a US$514.4K loss for March 2025, also aided earnings growth. However, the company absorbed a one-off US$1.24Mn downward correction to interest income, a catch-up adjustment reversing interest recognised across earlier periods and the carryover impact of an unusually large US$19.51Mn early loan repayment in H1. It created a “temporary cash drag", earning while it was undeployed, even as SCI continued to pay interest on its own borrowings. SCI traded at $10.13 and is down 14.5% YTD (P/B of 0.28x).
Supported by a 16.8% increase in operating revenues, VM Investments Limited (VMIL) reversed its fortunes, with $70.14Mn profits, relative to a $32.53Mn loss for March 2025. Revenue expansion was driven by higher gains from investment activities, which grew by 68.6% and offset a decline in net interest income. Total operating expenses decreased by 9.0% year-over-year, bolstering profitability. This reduction was driven by a 23.3% drop in other operating costs from ongoing cost-saving initiatives, which successfully countered a 9.5% increase in staff costs arising from inflationary wage adjustments. The company traded at $1.57 as it declined by 26.5% YTD and has a P/B of 0.90x.
In contrast, Sterling Investments Limited (SIL) reported net profits of $34.3Mn (-65.7%). This falloff was due to lower revenues overwhelming cost savings. Revenues slipped by 66.3% to $23.19Mn due to a reversal of 22.69Mn in FX gains to a $13.29Mn FX loss amid the appreciation in the Jamaican dollar. Lower gains on the sale of investments, which resulted in a 70.1% decline in realised gains on debt securities sales, added to the drag on earnings. However, total operating expenses declined by $14.74Mn (-67.4%) to $7.12Mn. This was due to a $14.52Mn swing from fair value losses of $4.48Mn in Q1 2025 to $10.07Mn for Q1 2026. Accordingly, operating profits declined by 65.7% to $16.07Mn. SIL’s stock is up 2.43% YTD with a price of $3.17 and a P/B of 0.86x.

(Sources: Company Filings via the JSE & NCBCM Research)