Group nears full-year profit in just one quarter

Sagicor Real Estate X Fund Limited (X Fund or Group) has posted a very positive performance for the first quarter of 2025, generating a net profit attributable to stockholders of J$402.42 million. 

This represents a 212% or J$273.43 million improvement compared to the same period last year. Notably, X Fund’s Q1 earnings is now almost on par with its full-year profits for 2024.

The Group’s performance was primarily driven by consistently strong revenues from its hospitality segment, despite the headwinds that impacted the US tourism sector during the quarter. Net profit for DoubleTree Orlando (DTO), the Group’s sole hotel operation, was ahead of the same time last year. This was valued at J$318.16 million, reflecting a 33% increase. Favourable market conditions also led to significant foreign exchange gains.

Commercial operations reported a net profit of J$11.98 million (March 2024: J$4.42 million) for the period. The segment’s improved performance resulted from higher net rental income from investment property.

“Our first quarter results are not just record-breaking—they are redefining what’s possible for us,” said Howard Mitchell, chairman of Sagicor Real Estate X Fund Limited. “The Group’s performance this quarter reflects the alignment of a favourable macro-economic climate with the disciplined execution of our strategy. We’ve remained focused on value-creation and this quarter’s results are a clear indication that our approach is working— positioning us to deliver sustainable growth for our stakeholders.”

The Group’s earnings per share increased 200% over the prior comparative period to close the quarter at J$0.18. The share price ended the quarter at J$8.64 with a market capitalisation of J$19.38 billion. The notable increase in market capitalisation is an indication of growing investor confidence.

Additionally, the Group generated positive cash flows of J$387.22 million from its operating activities, reinforcing its financial resilience and capacity to pursue future growth opportunities.

“What this performance truly signals is the depth of our foundation. We are built not just to grow in favourable conditions but to remain steady and deliver value across economic cycles. Our strategic direction and ability to adapt remain sound,” concluded Mitchell.

X Fund plans to build on this momentum by strengthening its performance in core business areas and pursuing opportunities with long-term growth, while closely monitoring macroeconomic indicators and diversifying where opportunities arise.