Sygnus Credit Investments (SCI) Limited, the private credit arm of Caribbean alternative investment group Sygnus, reported a doubling of core revenues and net profit for the six months ended 31 December 2024, driven by record performance at its Puerto Rico-based subsidiary, Acrecent Financial LLC (AFL).

The firm, which recently secured an oversubscribed perpetual preference share offering, also outlined plans to deploy fresh capital into regional markets as part of a medium-term US$100 million financing strategy.

SCI’s total investment income surged to US$8.72 million for the half-year period, up from US$4.15 million in the prior year, while net profit jumped to US$5.13 million from US$2.28 million. The results were bolstered by AFL, which delivered a second-quarter net profit of US$1.5 million — a record for the period — and cumulative earnings of US$7.0 million since its reorganisation in July 2023.

The company’s US$20.00 million and J$1.20 billion perpetual preference share offer, upsized due to investor demand, closed oversubscribed, reflecting strong market appetite for SCI’s debt instruments. Proceeds will support the firm’s broader push to raise US$100 million in financing, aided by partnerships such as its tie-up with World Business Capital (WBC). The latter arrangement, backed by guarantees from the United States Development Finance Corporation (DFC), is expected to see initial deployments to Jamaican entities before the financial year-end.

Jason Morris, SCI executive vice-president and chief investment officer, said the results demonstrated the “resilience and adaptability” of the group’s investment model. “Acrecent’s profitability trajectory positions us to return capital to shareholders via dividends from Puerto Rico in the near term,” he added without elaborating.

SCI’s total assets climbed 5.4 per cent year-on-year to US$217.81 million, with shareholders’ equity rising 7.3 per cent to US$75.62 million. The half-year net profit nearly matched the group’s full-year 2023 earnings, underscoring improved operational efficiency.

The firm reiterated its focus on expanding its private credit footprint across the Caribbean and Latin America, targeting underserved sectors. Its Puerto Rico subsidiary, rebranded as Sygnus Capital PR LLC in December 2023, continues to spearhead growth, with further diversification planned through real estate financing and impact investing verticals.