JAM | May 27, 2022

Write-offs of external payables aided SSL Venture Capital in posting a profit

/ Our Today

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Nil revenue recorded for the nine-month period ended March 30

Durrant Pate/Contributor

Insolvent venture capital company SSL Venture Capital managed to eke out net profit of J$13.8 million for the nine months ended March 30, 2022, due mainly to the write-off of additional external payables.

The write-off of these additional external payables was previously disclosed in prior quarters.

The parent company, Stocks and Securities Limited (SSL), continues to fund its operations and clear liabilities.

During the just-ended quarter, SSL VC was sold to Micro-Financing Solutions Acquisitions Limited with the deal to be completed during the current June quarter.

Detailing expenses

SSL VC ended the reporting quarter with no active operating portfolio company and nil revenues when compared to the J$19.3 million reported in 2021.

SSL VC exited the last remaining company under its belt, Bluedot, earlier this year. The revenues earned in prior period related to only Bar Central Limited, which was shuttered at the end of December 2020. 

For the nine-month period under review, SSL VC administrative and operational expenses amounted to J$33.7 million in addition to the finance-related costs of J$1.1 million, bringing overall expenses to J$34.8 million. The expenses incurred relate to the operating costs for SSL VC’s head office and other obligations.

Zachary Harding, chief executive officer, SSL Venture Capital Jamaica Limited.

Total assets stood at J$20.1 million for the March quarter with total liabilities at J$73.1 million and shareholders’ equity at a negative $53.0 million.

SSL VC at March 31, 2022 had accumulated deficit of $149.30 million down from the June 2021 posting of $160.62 million.

Further, as at  June 30, 2021, SSL VC’s current liabilities exceeded its current assets by $56.85 million.

However, this has dwindled to J$5.86 million as at March 2022 million down from J$13.17 million in March 2021. Profit per stock unit for the nine months was $0.03 per share.


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