Sterling reports highest-ever profit since JSE listing

Sterling reports highest-ever profit since JSE listing

BY ABBION ROBINSON
Business reporter
robinsona@jamaicaobserver.com

Wednesday, March 04, 2020

Print this page Email A Friend!


Sterling Investments Limited (SIL) is reporting the highest annual net profit since listing on the stock exchange in 2014.

For the financial year ended December 31, 2019 the company achieved an after- tax profit of $101.2 million, an 88 per cent increase when compared with the $53.8 million recorded in the previous corresponding period.

According to SIL in its financial statements posted Friday last, the company's strategy of using efficient funding sources has continued to reap rewards for stockholders.

SIL's portfolio also benefited from the rise in global asset prices (in US-dollar terms), which in turn led to a substantial increase in total comprehensive income of $211.5 million, following a loss of $21.7 million in the 2018 financial year.

SIL's total assets at the end of the 2019 financial year stood at $1.63 billion, up from $1.21 billion in the comparative prior period, reflecting an increase of 35.2 per cent, while foreign exchange gains increased by 90.7 per cent to $43.9 million.

Net interest income grew by 20 per cent, increasing from $71.2 million recorded in the corresponding period in 2018 to $85.4 million in the period under review. In addition, SIL recorded an unrealised gain on quoted equities of $1.9 million.

Earnings per share for the period under review ended at $0.28, a decrease compared with the $0.64 recorded in the prior corresponding period.

Sterling Investments Limited is an investment holding company managed by Sterling Asset Management that invests in fixed income and equity investments across the globe.


Now you can read the Jamaica Observer ePaper anytime, anywhere. The Jamaica Observer ePaper is available to you at home or at work, and is the same edition as the printed copy available at http://bit.ly/epaper-login


ADVERTISEMENT




POST A COMMENT

HOUSE RULES

1. We welcome reader comments on the top stories of the day. Some comments may be republished on the website or in the newspaper � email addresses will not be published.

2. Please understand that comments are moderated and it is not always possible to publish all that have been submitted. We will, however, try to publish comments that are representative of all received.

3. We ask that comments are civil and free of libellous or hateful material. Also please stick to the topic under discussion.

4. Please do not write in block capitals since this makes your comment hard to read.

5. Please don't use the comments to advertise. However, our advertising department can be more than accommodating if emailed: advertising@jamaicaobserver.com.

6. If readers wish to report offensive comments, suggest a correction or share a story then please email: community@jamaicaobserver.com.

7. Lastly, read our Terms and Conditions and Privacy Policy



comments powered by Disqus
ADVERTISEMENT

Poll

ADVERTISEMENT
ADVERTISEMENT

Today's Cartoon

Click image to view full size editorial cartoon
ADVERTISEMENT