Business
JM | Nov 25, 2021

Sygnus Credit Investments posts profits of US$1.5 million for Q1

/ Our Today

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From left: Dr Ike Johnson, executive vice president, Private Equity & Real Estate; Jason Morris, executive vice president & chief investment officer; Berisford Grey, president & CEO; and Gregory Samuels, SVP and Head of Investment Banking at Sygnus.

Sygnus Credit Investments Limited (SCI), a  regional player in private credit investments  is reporting a net profit of US$1.51 million for the three months ended September 30, 2021 (Q1Sep 2021). 

Total investment income grew by 39.3 per cent to a Q1 record US$1.82 million for the three months ended September 30, 2021.

These results were underpinned by a 42.5 per cent growth in its private credit investment portfolio to a record US$88.76 million.

The company also achieved a major milestone after it was assigned an investment grade credit rating with a stable outlook from Caribbean rating agency, CariCRIS.

In addition, the company launched a multi-series dual currency private placement of notes, which was upsized and successfully closed after the quarter ended.

“We are pleased with the continuous growth of SCI’s portfolio and its record breaking Q1 performance.”

Berisford Grey, co-founder, president and CEO, Sygnus Group

During the quarter, SCI declared a dividend payment which was paid on October 15, 2021.

“We are pleased with the continuous growth of SCI’s portfolio and its record breaking Q1 performance. The impact of the global COVID-19 pandemic on the Caribbean region and on middle-market businesses is ongoing, and the trajectory of the regional economic recovery remains uncertain, despite apparent green shoots of recovery,” said Berisford Grey, co-founder, president and CEO, Sygnus Group.

“However, SCI’s private credit portfolio remains resilient and well positioned to navigate the volatility of this ongoing pandemic.” 

With these most recent reported results, the company says it remains ahead of schedule to achieve its 2023 targets to exceed US$100 million in private credit investments, and to exceed US$8 million in total investment income, as was outlined at the 2020 annual general meeting.

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