Sygnus Credit Investments Limited (SCI), the largest private credit investment company listed on the Jamaica Stock Exchange (JSE) and focuses on investing in medium-sized firms hosted its second Annual General Meeting (AGM) on Wednesday (Nov 27) at the Jamaica Pegasus Hotel.
The year 2018-2019 was a record year for the company, which reported net profit of US$2.1 million and net investment income of US$2.2 million. The company also reported a 216 per cent increase in dividends paid for the fiscal year which amounted to US$1.5 million. SCI’s strong growth was driven primarily by effective strategic execution which saw investments in Portfolio Companies increased from US $15.7M to US$ 34.0M, a whopping 116.0 per cent, whilst at the same time, improving the yield on investment portfolio from 10.20 per cent to 12.3 per cent. Despite such notable growth SCI business activities continue to be underpinned by robust risk management which resulted in zero non-performing portfolio investments and well-diversified portfolio holdings across 19 companies in multiple sectors across Jamaica and other Caribbean countries.
Following these record achievements in 2019, SCI indicated to shareholders at the AGM that it was targeting a doubling of its business (2X Growth Strategy) over the next 18 months, given a robust pipeline in excess of US$40 million across the Caribbean. The Company advised shareholders that looking towards 2020, its focus will be driving growth in shareholder’s value through the implementation of three key strategies: (1) 2X Growth – tapping into and further developing their robust pipeline and solidifying long-term strategic partnerships, (2) Working towards their goal of being the leading provider of flexible debt capital for middle-market companies and (3) Proactive Risk Management – preserving the value of shareholder’s capital using robust tools, processes and portfolio monitoring.
The company, which had no debt at the financial year-end, was mandated to raise up to US$35 million or JMD equivalent in debt and equity capital by the Board of Directors, to finance its 2X growth strategy. Shareholders were told at the AGM that discussions were far advanced in closing the debt portion of the capital raise.
Co-Founder and CEO of Sygnus Capital Berisford Grey shared, “This was a record year for Sygnus Credit Investments, and we must thank our shareholders for taking the steps to grow together. We believe 2020 will be a great year for shareholders as the Sygnus Team, stay committed to executing the mandate of SCI – delivering shareholder value and managing downside risk. This remains a key part of Sygnus’ DNA through and through.”
Sygnus is a Caribbean leader in non-traditional financial solutions and manages Sygnus Credit Investments Limited (listed on the JSE), its pioneering private credit investment company, which offers private credit to medium-sized enterprises and Sygnus Real Estate Finance Limited (SRF) which provides flexible capital (Debt or Equity) to all classes of real estate assets (commercial, industrial or residential). Sygnus also offers its clients Investment Banking, Investment Management and Tax Advisory services.