FOR IMMEDIATE RELEASE
PRESS RELEASE
JULY 24, 2025
SECOND CONSECUTIVE QUARTER OF PROFITS SIGNALS SUCCESSFUL INVESTMENT CYCLE TRANSITION AND SETS THE STAGE FOR CONTINUED GROWTH
Sygnus Real Estate Finance Limited (“SRF” or “the Company”) released its financial results for the nine months ended May 31, 2025 (“9M FY2025”), reporting a second consecutive quarter of net profit. Earnings for the quarter amounted to J$151.74 million, following J$38.24 million in the previous quarter. These results reflect the success of strategic initiatives aimed at reducing earnings variability, usually associated with long-term real estate investments, and underscore a continued commitment to unlocking shareholder value.
SRF is continuing to deepen its footprint across Jamaica with the acquisition of a majority stake in Delphin Holdings Limited, a newly formed joint venture that owns a 4.9-acre property in New Court, Trelawny. This acquisition comes as the company continues to scale up its portfolio of transformational real estate investments.
SRF’s share of profits from joint ventures totaled over J$543.85 million for the May quarter and J$583.11 million year-to-date and were a key driver in the profitability reported during the past two interim periods. During the quarter, SRF secured a controlling interest of 86% in Delphin Holdings Limited, positioning the company to capitalise on long-term opportunities in one of Jamaica’s most promising development corridors.
Capital deployed amounted to J$2.34 billion during the nine-month period, with an allocation of J$927.04 million to investments in third-party Real Estate Investment Notes (REINs) across commercial, hospitality and residential asset classes, as SRF seeks to drive growth in its income generating capacity with the intention of improving the consistency of its interim financial results going forward.
SRF advanced further into its second investment cycle, focusing on the development of two major assets: the 55-acre industrial park in Lakespen, St. Catherine, and the 14.4-acre hospitality project in Mammee Bay, St. Ann. The Company also made notable progress on its Belmont Road commercial tower, achieving first tenant occupancy and progressing interior buildouts. Other key milestones included the successful sale of the Hillcrest and Seaview assets and the exit from two third-party real estate investment notes. With the transition between investment cycles underway, SRF has realized and continues to anticipate increased capital redeployment from completed exits and upcoming investments. As a result, book value per share increased by 7.3% to J$24.14, up from J$22.49 in the prior year.
The Company’s enhanced profitability was partly supported by the temporary reduction in management fees, effective September 1, 2023. Management fees were reduced from 2.00% to 1.00% of Core Assets Under Management (CAUM) for the period September 1, 2023 to August 31, 2024, and adjusted to 1.25% of CAUM for the period September 1, 2024 to August 31, 2025. This reduction contributed to lower operating expenses during the investment cycle transition and is scheduled to revert to 2.00% of CAUM effective September 1, 2025.
Looking ahead, SRF remains steadfast in sustaining strong profitability through prudent investment management, with a continued focus on enhancing shareholder value.
“The current financial year represents more than just strong financial results,” said Jason Morris, Executive Vice President and Chief Investment Officer, Sygnus Group. “We’ve successfully closed out our first investment cycle, rewarded our shareholders with their first dividend, and begun executing the next phase of our strategy with disciplined focus, including the evaluation of opportunities in multiple Caribbean territories outside of Jamaica. From commercial towers to new ventures in Trelawny, we’re not just developing properties, we’re building the foundation for long-term growth and impact. We remain committed to unlocking value for our shareholders while contributing to national development through high-impact real estate projects.”
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About Sygnus
Sygnus is a leading alternative investment firm in the Caribbean and Latin America, dedicated to driving economic development across the region through creative and innovative financing solutions. By offering a range of investment alternatives, including private credit, real estate financing, private equity and impact investing, Sygnus addresses unmet demands, unlocking capital for growing enterprises and playing a pivotal role in regional economic growth. The cutting-edge alternative investment (AI) platform is fueled by transformative strategies designed to accelerate development across the Caribbean and Latin America. This platform is backed by a team of forward-thinking experts who craft tailored solutions for our clients, complemented by dedicated investment banking and wealth management services. Sygnus also provides specialised services in Puerto Rico through Sygnus Capital PR LLC, formerly known as Acrecent Financial. As of December 2023, the company expanded its offerings, reaffirming its commitment to delivering innovative and personalised financing solutions that foster the island’s economic growth.
