Sagicor Real Estate X-Fund had its worst year on record as losses for the 2020 financial year (FY) ended at a net loss attributable to shareholders of $10 billion with the consolidated net loss standing at $15.4 million.

The real estate company, whose primary exposure is in the tourism industry, faced an incalculable impact from the damage caused by the COVID-19 pandemic to its direct real estate assets and indirect exposure to the region through Playa Hotels and Resorts. This is coming from the company’s initial $921.5-million profit in 2014 with a $14.2-billion balance sheet to a peak net profit of $2.7 billion and a $48.8-billion collection of assets in 2017, which surpassed projections made in its 2013 initial public offering.

http://www.jamaicaobserver.com/business-observer/sagicor-still-positive-despite-x-fund-losses_216114