Sygnus Credit Investments Limited (SCI) continues to build momentum driven by earnings from its Puerto Rican private credit business.

This impact was a highlight of SCI vice-president and chief investment officer Jason Morris’s presentation during the company’s earnings call held on Tuesday (May 20).

“So in nine months, we have generated more net profit than the full financial year results. And again, the main driver for that is the performance of the Puerto Rico business because the Puerto Rico business would have generated more net profit for its nine-month period than all of the 12-month period of last year,” he stated.

For the nine months ending March 31, 2025, the company improved its total investment income by 75 per cent, moving from US$7.54 million in the previous year to US$1.22 million. After accounting for expenses, SCI more than doubled its net investment income for the period, moving from US$4.22 million in March 2024 to US$9.44 million.

In the company’s management discussion and analysis, the directors pointed that the over 100 per cent increase in net investment income was due to “the significant increase in PRCF (Puerto Rico Credit Fund) Investment income, which outpaced the growth in operating expenses.”

Net profits for the nine months totalled US$6.97 million, reflecting 60.3 per cent growth over the corresponding period in 2024. Earnings per share was 1.20 US cents versus 0.74 US cents.

Commenting on the overall performance of the group, Morris noted “SCI continues to scale its private credit platform across the Caribbean region, while squarely focused on generating risk-adjusted returns for shareholders.”

He added, “The group delivered an annualised return on average equity (ROE) of 12.7 per cent over the nine-month period and 10 per cent during the third quarter, respectively, relative to a 10 per cent target threshold level. Acrecent Financial LLC, SCI’s Puerto Rican subsidiary, continues to deliver strong performance since its full integration on July 1, 2023, generating a base return on invested capital (ROIC) of 22.7 per cent over the nine-month period, while reporting US$8.7 million in net profits over the last seven quarters.

For the third quarter of 2025, total investment income reached a record US$4.48 million, or 32.1 per cent higher than the US$3.39 million recorded at the end of March 2024. At the same time, net investment income rose to US$3.02 million, up 39.5 per cent.

However, net profit for the quarter declined to US$1.91, down from $2.11, as the group increased its impairment allowance on financial assets. This impairment allowance increase is due to the recovery of funds from a company in the mining and quarrying industry.

Total assets have grown substantially, as SCI continues to expand and diversify its private credit portfolio, supported by strategic moves during the period to deepen its access to the capital markets. Notably, SCI completed the successful listing of its dual-tranche perpetual cumulative redeemable preference shares on the Jamaica Stock Exchange in January 2025. The offer was oversubscribed and raised the equivalent of US$32.97 million—the largest public raise of its kind in the JSE market’s history.

As SCI moves towards the close of its financial year, management remains focused on expanding its regional footprint and maintaining its track record of delivering sustainable returns for shareholders by unlocking value from private credit opportunities across the wider Caribbean and Latin American markets.

“Looking ahead, SCI remains focused on enhancing the tools it uses to manage portfolio risks, while seeking to scale the business by forging new Caribbean partnerships, and establishing new international financing relationships,” Morris outlined.