President/chief executive officer of the Sagicor Group Christopher Zacca (right) with Ivan Carter, Sagicor’s Group chief financial officer, at the news conference yesterday when the company delivered its half-yearly results. (Photo: Joseph Wellington)
Sagicor Group is reporting a net profit of $7.13 billion for the first half of the year, which was generated from total revenues of $42.59 billion.
Profit attributed to stockholders increased by 21 per cent, while revenues grew by 33 per cent.
In its half-yearly financials, which was released at a news conference at its New Kingston head office yesterday, Group President/Chief Executive Officer, Christopher Zacca explained that the positive results included impairment charges on Government of Barbados and other bonds.
He pointed out that excluding credit loss charge and the impact of new subsidiaries, normal revenue would have grown by 22 per cent. Administration expenses were higher than prior year by 15 per cent, out of this nine per cent is due to consolidation of subsidiaries added in the fourth quarter of 2018, reflecting increments to salaries and higher payments related costs.
There were other factors, which influenced the outcome for the period. These include the fluctuating rate of the Jamaican dollar to the US dollar, which reached a decline of 5.5 per cent in April compared to the rate at December 2018, which by June bounced back to a 2.9 per cent decline.
The group picked up both realised trading gains and unrealised revaluation gains for higher US dollar positions.
Market capitalisation of the group at June 2019 was $222.62 billion, up 43 per cent or $67.18 billion when compared to December last year. Total assets of the Group were $424.98 billion, up eight per cent from the December 2018 amount of $394.13 billion, while managed funds of $402.95 billion grew by nine per cent.
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