Sygnus Credit Investments Limited (SCI) continues to establish itself as a  private credit investment player across the region after reporting record nine-month core revenues, core earnings and net profits for the period ended March 31, 2021.

SCI’s net profit attributable to shareholders grew by 79.6 per cent to a record US$2.29 million for the nine months ended March 2021. Earnings per share increased to a record 0.56 US cents. Similarly, core revenues, or total investment income, grew by 24.4 per cent to a record US$4.25 million. 

These results were underpinned by a 55.3 per cent growth in its private credit investment portfolio to a record US$73.58 million. This follows on SCI’s record capital raise of US$27.1 million from its additional public offering (APO) in December 2020 from which it received net proceeds of US$25.8 million during the third quarter ended March 31, 2021. Primarily as a result of the net APO proceeds, total assets and total shareholders equity rose to new records of  US$85.2 million and US$64.0 million, up 40.7 per cent and 73.1 per cent respectively. The company also repaid US$12.6 million in debt from the net APO proceeds.During the third quarter, SCI financed US$11.2 million in new investment commitments across five portfolio companies. More than three quarters of the investment commitments were used to finance acquisitions and business expansion.

Jamaican portfolio companies were the overwhelming beneficiaries of these investment commitments, which aligned with the robust level of demand for flexible capital from this territory during the quarter.

“We are pleased about the continuous growth of SCI’s portfolio and its solid nine-month performance. This reflects the expertise and commitment of our team around a deliberate strategy to support Caribbean middle-market businesses, through creative financing solutions and to deliver value for shareholders,” said Berisford Grey, co-founder, president and CEO of Sygnus Group.

“Our approach aligns SCI with the recovery and growth ambitions of its portfolio companies and the wider Caribbean economies. Sygnus continues on its vision to be a leader in building a strong alternative Investment ecosystem throughout the Caribbean, thus enabling deeper capital accessibility and a wider set of investment opportunities for investors.”