BARBADOS - construction

Sagicor Financial Corporation

- Monday 30, August-2004

Sagicor Financial Corporation’s half-year performance has been described by chairman Colin Goddard as “successful” with its accumulated reserves rising by $53.6 million between January and June this year to total $152.6 million.

In the Chairman’s Review published last Friday along with the consolidated balance sheet, Goddard said Sagicor’s net income attributable to shareholders was $29.8 million.

This amount, Goddard said, represented an 11.4 cents earning per share and compared with net income of $19.8 million and earnings per share of 7.6 cents per share for the same period last year.

Just days after the Barbados-based insurance giant was listed on the Trinidad and Tobago Stock Exchange, Goddard reported: “Sagicor has had a successful six months, recording overall net income of $30.8 million. The net income for the three-month period April to June was $15.6 million, an improvement on the $15.2 million recorded for the previous three months.”

Furthermore, the Sagicor chairman told shareholders that the company’s balance sheet continued to be strong, with total equity of $650.2 million. Total assets increased to $2.9 billion at June 30, and total liabilities amounted to $2.2 billion.

In his comments, Goddard said the results had been attained in a mixed economic environment.

“Barbados has experienced significant growth in tourism in 2004 and real economic growth for the year is forecast at three per cent,” he added.

In Jamaica, where Sagicor has significant investments through Life of Jamaica, Goddard said the exchange rate of that dollar had been stable for the year but inflation continued to run at over ten per cent.

At the same time, he said the Jamaican economy continued to show positive signs, indicating, too, that by year-end Sagicor was expected to complete the purchase of the Jamaican firm, First Life Insurance Company.

Compliments of the Nation News

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