Sterling Investments Limited (SIL) had a successful quarter ending September which saw a 108 percent increase in revenue. It increased from J$23.1 million in 2021 to J$48.1 million in 2022 within the same period.
This jump in revenue is largely attributed to the foreign exchange rate. Last year they had a loss of J$23.1 million for the September 2021 quarter and this year they have recorded gains of J$12.2 million within the same period in 2022.
Profit for the third quarter came in at J$20.5 million which is a big leap from the J$312,738 they achieved the prior year within the same period. They had a slight drop in operating expenses which decline from J$11.4 million in 2021 to J$10.9 million for September 2022.
They recorded a meager increase in interest income, the number for the first 9 months J$111.9 million which is a slight increase over last year’s numbers within the same period. Net interest income increased by 4.0 percent from J$97.0 million in 2021 to J$100.9 million for the current combined three quarters.
Net profit for the 9-month period was J$27.7 million. The total asset base declined to J$1.7 billion in 2022 from J$2.2 billion the prior during the same September period.
Total equity also declined to J$1.2 billion, the company is making a claim that certain market conditions and the overall economic climate play a major role in this decline as well as other negative data points that were listed above.
