Sygnus Real Estate Finance posts loss of J$100 million for Q1 2022
/ Our Today
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Sygnus Real Estate Finance, formed in 2019, has reported a loss of J$100 million for the three months ended November 2021 (Q1 2022).
For the same period last year, it posted a net profit of J$25.24 million.
The company, listed on the Jamaica Stock Exchange (JSE), has seen its fortunes slip having registered a net profit of $336.3 million for year-end 2020 and $1.81 billion for year-end August 2021.
In September of last year, Sygnus Real Estate Finance failed to raise the $4 billion it was going after for its initial public offering (IPO), scooping just $2.3 billion.
Sygnus Real Estate Finance attributes its net loss in Q1 2022 to “timing differences in the unlocking of value from real estate investment assets versus the interim carrying costs deployed in unlocking that value.”
Though having to acknowledge a notable loss, Sygnus points to a 50.6 per cent growth in the fair value of real estate investment assets to $9.26 billion for the quarter under review, compared to $6.15 billion for the same period last year.
Jason Morris, chief investment officer at Sygnus Group, said: “Sygnus Real Estate Finance has established itself as a value-added real estate investor in the alternative investment space, applying flexible capital to unlock value in all forms of real estate assets.”
“In only two and a quarter years, the company which started out with $2.08 billion in share capital has grown shareholder’s equity to $6.80 billion and grown book value at $20.81 per share versus $13.40 per share in 2019, the year of its private placement. Sygnus Real Estate Finance is still in the early stages of its investment life cycle which averages three to five years,” Morris added.
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