Sagicor Real Estate X Fund had a difficult year through the period of 2022. Specifically, a significant portion of the losses is because of poor results from financial assets and liabilities. The figure for liabilities and financial assets for the year 2022 came in at J$238.26 million which is a far cry from 2021 numbers where they recorded a net capital gain of J$1.19 billion.
Profitability was also on the downtrend with a recorded figure of approximately J$465.91 million compared to J$720.87 million in 2021. Net profit for the fourth quarter ending December came in at J$254.31 million which is quite some distance from the J$441.94 million they earned in 2021.
We saw a sharp decline in operating profit for the year which amounted to J$731.02 million, which declined from the J$990.60 million prior. There was an increase in operating expenses which grew by 33% to J$6.39 billion compared to J$4.80 billion in 2021.
Overall income for the year came in at J$2.51 billion relative to a profit of J$978.05 million the prior year.
As for revenue, during the entire 2022 they actually had an increase, the figure reported is approximately J$7.12 billion relative to the J$5.79 billion they had recorded in 2021.
