Thursday, March 7, 2013

Sagicor posts higher earnings across revenue streams


Sagicor Investments reported higher revenues last year despite the challenging economic environment and raised its ordinary dividends by 3%, the company recently announced.

Net interest income increased by 3% to $3.02 Billion as earning assets grew 3% to $76.02 Billion while non-interest income advanced by 2% to $1.10 Billion as the company realized higher fixed income and currency related trading gains for the year ending December 2012.

President & CEO of Sagicor Investments, Donovan H. Perkins, acknowledged the performance of his Team, noting that the results were achieved despite challenging market conditions.  According to the CEO, “We made significant progress in growing our business in 2012. We re-branded to Sagicor, significantly upgraded our branches in Montego Bay and Ocho Rios, and expanded our branch in Kingston, all to serve an expanding customer base across the island.”

Donovan Perkins, President & CEO of Sagicor Investments
Shareholders received an increase in dividends paid, with $725 million ($1.313 per share) distributed compared to $705 million ($1.28 per share) in 2011.  Stockholder equity was essentially flat, marginally improving by $64 million to $12.02 Billion and the company’s capital to assets ratio remained a healthy 13.6%.

Sagicor Investments completed its rebranding from “Pan Caribbean” in December.  $65 Million in costs associated with the rebranding impacted operating expenses, but the company expects to reap benefits down the road from the re-branding exercise.  

With the recently concluded National Debt Exchange (NDX), in February 2013, the impact on Stockholders’ Equity will be less than 5%.

Finally, the Sigma Corporate Run raised an impressive $33 Million with the support of a record crowd of over 16,000 participants.  According to Mr. Perkins, “This was definitely one of the highlights of the year.  We worked together with Lady Allen, the Hon. Usain Bolt and the Hon. Danny Williams as patrons of the 2012 Run and Corporate Jamaica - to help the Bustamante Hospital for Children.

To close an excellent 2012, Sagicor Investments emerged a big winner at the Jamaica Stock Exchange’s Best Practice Awards - a programme aimed at promoting sound business and performance among publicly listed companies.  In addition to capturing three first place Awards (sharing best Annual Report with National Commercial Bank) the company also placed second and third in two other areas of recognition, including Corporate Governance.

Throughout the year, the company celebrated Jamaica 50 and through team volunteering, contributions while other activations supported various charities.

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