Durrant Pate/Contributor

Sygnus Credit Investments (SCI) is reporting a record half-year performance in terms of total investment income and net investment income but the December quarter was below par.

Interest income increased 24 per cent to a record US$9.45 million in the half-year, compared to US$7.62 million in the corresponding period last year. This performance was underpinned by the continued growth and expansion of the Puerto Rican private credit business.

SCI’s 98.58 per cent owned Puerto Rican subsidiary, Acrercent Financial LLC achieved another set of half-yearly and second-yearly milestones including a doubling of net profit to a record US$3.07 million. Interest income for the second quarter increased by 17 per cent, closing at US$4.63 million compared to Us$3.94 million for the comparable quarter of 2023.

Below-par December performance

However, for the December quarter, SCI registered a four per cent dip in net profits, closing on US$4.12 million, down from US$4.31 million. The company booked net interest income of US$1.82 million for the second quarter down from US$2.18 million for the similar quarter of 2023.

Pre-tax profit for the half-year registered a 124 per cent increase to US$5.39 million, relative to US$2.40 million booked in 2023. Profit before tax for the second quarter nosedived to US$302,124 coming from US$1.57 million in 2023.

Interest expense for the half-year went up to US$6.37 million, coming from US$3.96 million in 2023, representing a 61 per cent year-over-year increase. Consequently, net interest income went down by four per cent to US$4.12 million compared to $4.31 million for the six months ended December 31, 2023. 

The company booked net interest income of US$1.82 million for the second quarter down from US$2.18 million for the similar quarter of 2023. Earnings per share (EPS) for the six months closed on US$0.88 (2023: EPS: $0.39), while EPS for the December quarter totaled US$0.04 (2023: EPS: US$0.22). 

Notably, SCI’s stock price closed the trading period on February 17, 2025, at a price of $12.50 with a corresponding P/E ratio of 3.00x. The company’s assets totalled US$217.81 million (2023: US$206.63 million). 

This increase was attributable to investments, which amounted to US$206.72 million (2023: US$156.29 million). Shareholders’ equity was US$75.62 million (2023: US$70.48 million), representing a book value per share of US$0.22 (2023:US $0.21).