Sagicor X Fund delivers historic year, surpassing billion-dollar profit mark
KINGSTON Jamaica —Sagicor Real Estate X Fund Limited closed the 2025 financial year with a landmark performance, achieving record profitability of $1.01 billion, representing year-over-year growth of 121 per cent.
The group’s strong performance was driven by a 70 per cent improvement in net profits from core operations, which jumped from $454.02 million in the prior year to $772 million at the end of 2025.
The milestone year marks a pivotal step forward, reflecting disciplined execution, the strength of a diversified model, and sustainable earnings driven by stronger revenues and improved cost efficiency.
Notably, X Fund’s strategy to expand its direct real estate portfolio with the purchase of investment property in September 2024, led to a higher profit contribution from Commercial operations, reaching 11.2 per cent up from -7 per cent last year.
Hospitality operations continued to serve as a strong earnings driver with DoubleTree Orlando’s (DTO) net profit increasing by 36 per cent over the prior year, ending 2025 at $659.42 million.
The hotel’s results were positively impacted by higher occupancy levels and increased average daily rates. Revenue growth from hotel operations exceeded cost increases, indicating the effectiveness of cost containment initiatives to improve margins.
Profits from other operating activities amounted to $236.31 million, a year-on-year growth of $233.62 million. This was driven by fair value and foreign exchange gains, along with capital gains from the redemption of an investment note. The robust performance of the investment portfolio was as a result of the Group’s investment strategy and the prevailing macro-economic environment. The continued easing of interest rates across capital markets resulted in lower interest income relative to the prior year.
“This performance is not just the result of favourable tailwinds; it’s the outcome of deliberate decisions made consistently over time. Surpassing the billion-dollar net profit mark affirms that our strategy is working, our portfolio is resilient, and our focus on disciplined growth is translating into meaningful value for our shareholders,” said Howard Mitchell, chairman of Sagicor Real Estate X Fund Limited.
Earnings per share (EPS) grew to $0.45 in 2025, representing a 125 per cent increase over the prior year’s EPS of $0.20. This result demonstrates a positive upward trajectory in continuous quarters. Additionally, the company generated positive cash flows of $922.59 million from its operating activities, reinforcing its financial resilience and capacity to pursue future growth opportunities. X Fund’s share price closed 2025 at $8.00 with a market capitalisation of $17.94 billion.
“As we reflect on the year’s performance, I am proud of how the group translated resilience into results, delivering growth amid dynamic global tourism patterns and evolving economic conditions. Despite regional challenges, including the impact of Hurricane Melissa in Jamaica, our portfolio remains robust, with only a 1 per cent exposure to Jamaican real estate through our Sigma holdings.
We continue to benefit from strong performance in international tourism, stable investment yields, and high occupancy rates across our holdings. We look forward to the future with optimism while remaining committed exploring opportunities that meet our return thresholds and, at the same time, supporting recovery efforts,” said Mitchell.