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.