Sygnus Real Estate Finance Ltd. (SRF) has concluded its fourth year of operations with significant financial milestones. The FYE August 2023 report highlights a total investment income of J$765.56 million, a net profit attributable to shareholders of J$211.44 million, and a total shareholders’ equity of J$7.80 billion. The real estate investment portfolio grew by 13.5% to J$14.92 billion, with the flagship One Belmont Commercial Office Tower in Kingston nearing completion. SRF anticipates unveiling the first leasable Class A office space in Kingston in two decades.
The company has initiated plans for a partial investment exit from One Belmont, set to occur in the second half of 2024. Following the completion of its first investment cycle, SRF foresees a slowdown in activity as it finalizes plans for new projects.
Sagicor Group Jamaica has expanded its operations in Latin America through the acquisition of Sagicor Panama, effective January 1, 2024. Facilitated by a joint venture with Costa Rican partners Capital & Advice Inc., the acquisition involves purchasing from Sagicor Life Inc. in Barbados. Mr. Willard Brown, Chief Technology and Insurance Operations Officer at Sagicor Life, emphasized the strategic objectives of regional expansion. The move reflects Sagicor’s commitment to growth and diversification in the Latin American insurance market.
In the latest business news, the JSE Main Market Index declined by 3,566.78 points (1.09%) to close at 324,258.49, while the JSE Composite Index dropped by 5,765.35 points (1.57%) to close at 362,383.22. Market activity involved 60 traded stocks, with 22 advancing, 29 declining, and 9 remaining firm. Top performers included A.S. Bryden & Sons Holdings Limited (9.49%), First Rock Real Estate Investments Limited (8.59%), and Stanley Motta Limited Ordinary Shares (7.98%). Losers included Salada Foods Jamaica Ltd. (-18.40%), 138 Student Living Jamaica Limited Variable Preference (-12.69%), and Caribbean Cement Company Ltd. (-8.27%). The market volume amounted to 7,001,247 units valued at over $56,070,502.37. Volume leaders were Wigton Windfarm Limited Ordinary Shares (25.43%), Jamaica Stock Exchange (20.37%), and Transjamaican Highway Limited (9.11%).
– US Dollar: Buy 153.38, Sell 155.22
– Great Britain Pound: Buy 190.75, Sell 193.55
– Canada Dollar: Buy 114.42, Sell 117.39
– Euro: Buy 163.62, Sell 168.21.
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