Sygnus Credit Investments Limited (SCI) marked a major financial milestone in 2024 after deploying over US$500 million into private credit investments since inception.

In 2024, the company disbursed over US$150 million, with over US$80 million in capital raised over the last 12 months for the Jamaican business and doubling the funding for the Puerto Rico subsidiary.

According to the company, “The confidence from investors has been well-placed as evidenced by the over US$6.0 million in net profits and US$3.15 million in dividends paid in FY2024 which reflects our unwavering commitment to delivering shareholder value.”

Ahead of its annual general meeting last Wednesday, January 29, 2025, SCI listed its perpetual cumulative redeemable preference shares on the Jamaica Stock Exchange (JSE) on Tuesday, January 28, 2025. The listing, which is also the largest perpetual offer raise to be listed on the JSE, was orchestrated by Sygnus Capital who served as the lead arranger, while Jamaica Money Market Brokers (JMMB) Securities Limited acted as the lead broker, facilitating investments through its JMMB Moneyline IPO platform.

“Sygnus has established itself as a leader in private credit across the Caribbean, delivering innovative financing solutions that drive economic expansion. This latest listing is a reflection of our commitment to deepening capital market access and creating new opportunities for investors,” Steven Davis, AVP for investment banking at Sygnus Capital, commented on the significance of the transaction.

“SCI’s strong performance and disciplined investment strategy continue to reinforce its position as a premier private credit investment platform, and we look forward to building on this momentum. We extend our heartfelt gratitude to JMMB, whose outstanding execution played a pivotal role in the offer’s success,” he continued.

For the listing ceremony, key stakeholders including Dr Marlene Street Forrest, managing director of the Jamaica Stock Exchange, commended SCI on its achievement.

“Last year January 19, 2024, SCI listed three tranches of preference shares. Fast-forward to today, I must again express my delight that the company will be listing two tranches of cumulative redeemable preference shares. Today is extra special for us at the JSE; like last year when SCI was here, it represents the first listing on the market since the beginning of 2025. The listing of these securities represents the fact that Sygnus appreciates the power of the market for the mobilisation of capital,” she said.

“Having raised capital and listed on the Main Market in 2018, the company confidently returned in 2020 to raise more capital, and did it again in 2023 and 2024 – it paints a picture of real success. We congratulate Sygnus and all the players who were responsible for the success of these Offers. Special commendation to JMMB for being the broker who has started what I predict to be a great year with these listings,” she added.

Speaking at SCI’s AGM the day after, Jason Morris, executive vice-president and chief investment officer at Sygnus Capital, outlined the company’s continued expansion and financial growth strategy. He also highlighted SCI’s disciplined investment approach and expressed gratitude to investors.

“We are thrilled by the success of our perpetual preference share offer and deeply appreciate the confidence investors have placed in SCI. With over US$100 million in investment pipeline deals awaiting funding, we remain focused on deploying capital efficiently in Jamaica and across the wider Caribbean. Our strong financial performance, coupled with our commitment to delivering competitive returns, positions us well for continued growth. We are actively identifying new opportunities that align with our strategic vision. From game-changing investments in Puerto Rico to expanding our footprint in key Caribbean territories, we are excited about the road ahead,” he shared.

One of SCI’s standout successes has been its Puerto Rico subsidiary, Acrecent Financial LLC, where net profit has increased more than fivefold surpassing US$4.00 million in its first financial year since completing its reorganisation on July 1, 2023. This growth trajectory has continued into the first quarter, reflecting the company’s ability to identify and execute high-value investment opportunities.

SCI achieved a record for total investment income, net investment income and net profits. The group has paid over US$13.50 million in dividends since it became public. SCI’s core revenues, or total investment income, grew by 13.6 per cent or US$1.21 million to US$10.10 million for FYE June 2024, compared with US$8.89 million for FYE June 2023. This performance was driven primarily by growth in the private credit portfolio, which generated a net interest income of US$8.48 million. Core earnings, or net investment income, grew by 3.9 per cent or US$200.6 thousand to US$5.28 million for FYE June 2024 versus US$5.08 million last year.

As SCI moves forward, the company remains committed to expanding its investment portfolio, strengthening its regional presence, and maximising shareholder value. With disciplined capital deployment, robust financial performance, and a track record of delivering strong dividends, SCI is well-positioned for continued success.