Sygnus Real Finance reports sharp rise in net profit and revenues

Sygnus Real Finance is reporting a sharp rise in both net profit and revenues, as the company opened its second investment life cycle with what it describes as a year of stellar financial performance.

 

For the financial year ended August 31, net profit attributable to shareholders more than doubled to J$787 million, while total investment income, or core revenues, jumped 92.2 per cent to J$1.61 billion, up from $839 million the previous year.

 

Key contributors to the strong performance included gains of J$1.08 billion on investment property.

 

These gains more than offset losses of nearly J$85 million from the sale of real estate assets, largely due to transaction costs.

 

During the review year, the company completed the strategic acquisition of 86 per cent of Delphin Holdings, a joint venture that owns 4.9 acres of prime real estate in Trelawny, opened the One Belmont commercial office tower, the Mammee Bay hospitality property in St Ann, and the Lakespen industrial asset in St Catherine.