Sygnus Credit Investment (SCI) had another successful quarter beating analysts’ estimates.
Net profit attributable to shareholders increased by 8 percent from US$1.51 million last year 2021 to US$1.63 million in 2022 during the same period.
Total investment income grew by 24.7 percent to the figure of US$2.27 million.
Operating expenses have increased by 29.3 percent to US$899,500 compared to last year’s number of US$695,800. Such an increase is largely due to management fees and corporate services fees which increased due to the overall management of larger assets. Additionally, management and corporate services fees combined represent 72 percent of the overall operating expenses in 2022 relative to 74.7 percent in 2021 during the same period.
Aside from management and corporate services fees, the remaining part of the operating expenses saw a 43.5 percent increase from US$175,700 in September 2021 to US$252,300 during the same period in 2022.
Due to the promising results, SCI is seeking to raise more capital from international partners which will enable the creation of more revenue streams for the company. We have seen recently that they have completely bought Acrecent Financial Corporation of Puerto Rico (AFC) which is a very important move for the company and will enable it to experiment in a market with new financial services.
That acquisition is a larger part of a major push to have a foothold in the private credit market across the Caribbean.
