March 06, 2025

Sagicor Real Estate X Fund LTD(XFUND)

Audited financials for the twelve months ended December 31, 2024:

Sagicor Real Estate X Fund LTD (XFUND) for the twelve months ended December 31, 2024, reported a 3% decrease in Total Revenue totaling $7.80 billion compared to $8.07 billion in the corresponding period last year. Total Revenue for the fourth quarter had a 20% decrease to close at $1.64 billion compared to $2.04 billion for the comparable quarter of 2023.

Net capital losses on financial assets and liabilities amounted to $89.33 million (2023: a gain of 232.77 million). Consequently, hotel revenue decreased by 1% to $7.33 billion compared to $7.37 billion for the twelve months ended December 31, 2023. The company booked hotel revenue of $1.72 billion for the fourth quarter versus $1.77 billion reported for the similar quarter of 2023.

Hotel Expenses decreased by 4% from $2.56 billion in 2023 to $2.45 billion in the period under review. As a result, the other operating expenses for the twelve months ended December 31, 2024, amounted to $4.28 billion, a 0.46% increase relative to the $4.26 billion reported in 2023.

Operating Expenses for the twelve months ended December 31, 2024, amounted to $6.74 billion, a 1% decrease relative to the $6.82 billion reported in 2023. Operating Expenses for the fourth quarter amounted to $1.29 billion (2023: $1.73 billion). Operating Profit totaled $1.07 billion, a 15% decrease from last year’s corresponding period. (2023: $1.25 billion).

Taxation for the twelve months ended December 31, 2024, amounted to $295.45 million, a 3% increase relative to $286.67 million reported in 2023. Taxation for the fourth quarter amounted to $12.16 million (2023: $88.06 million).

Net Profit for the twelve months amounted to $456.70 million, a 30% decrease from the $648.02 million reported in 2023. For the fourth quarter, Net Profit  was $27.26 million (2023: $222.08 million).

Consequently, Earnings Per Share for the twelve months amounted to $0.20 (2023: EPS: $0.29), while Earnings Per Share for the quarter totaled $0.01 (2023: EPS: $0.10). The number of shares used in these calculations was 2,243,005,125.

Notably, XFUND’s stock price closed the trading period on March 06, 2025, for $7.95 with a corresponding P/E ratio of 39.04x.

Balance Sheet Highlights

The company’s assets totaled $31.33 billion (2023: $28.95 billion).  The increase in total assets is attributed to a 29% YoY increase in “Financial investments” ending the year at $3.67 billion (2023: $2.85 billion), a 11% YoY increase in “Cash Resources” ending the year at $2.38 billion (2023: $2.16 billion) and a 3% increase in “Property, Plant and Equipment”  ending the year at $17.85 billion (2023: $17.41 billion).

Shareholder’s equity was $22.07 billion (2023: $20.83 billion), representing a book value per share of $9.84 (2023: $9.29).

Disclaimer:

Analyst Certification -The views expressed in this research report accurately reflect the personal views of Mayberry Investments Limited Research Department about those issuer (s) or securities as at the date of this report. Each research analyst (s) also certify that no part of their compensation was, is, or will be, directly or indirectly, related to the specific recommendation (s) or view (s) expressed by that research analyst in this research report.

Company Disclosure -The information contained herein has been obtained from sources believed to be reliable, however its accuracy and completeness cannot be guaranteed. You are hereby notified that any disclosure, copying, distribution or taking any action in reliance on the contents of this information is strictly prohibited and may be unlawful. Mayberry may effect transactions or have positions in securities mentioned herein. In addition, employees of Mayberry may have positions and effect transactions in the securities mentioned herein.