The National Investment Fund Holding Company Ltd (NIF) has declared a net profit of $1.2 billion for the year ended 31st December, 2019.
The companies net income saw increase of 77.9 per cent, up from $686.5 million as at June 30, 2019.
The Chairman of the fund, Vishnu Dhanpaul indicated, “Bond holders have been receiving a steady flow of interest payments and where necessary are trading their bonds on the corporate bond market, thereby receiving corporate gains.”
Dhanpaul expressed that the fund’s financial results for the year ended December 31, 2019 are broadly in line with the financial model as outlined in the July 12, 2018 Prospectus.
The NIF also received dividend income of $303.7 million from its portfolio of quality assets.
This consists of 26.1 per cent of shares from Republic Financial Holdings Ltd comprising 60 per cent of the portfolio, 29.9 per cent of shares from Angostura Holdings Ltd comprising 11 per cent of the portfolio, 5.4 per cent of shares from the West Indian Tobacco Company comprising 6 per cent of the portfolio, 23 per cent of shares from One Caribbean Media Ltd comprising of 1.4 per cent of the portfolio and 100 per cent shares from Trinidad Generation Unlimited comprising 21.6 per cent of the portfolio.
Dhanpaul expressed that the NIF has made three semi-annual coupon payments to date - on February 8, 2019, on August 9 2019 and on February 7, 2020.
He said, “we envisage the continuation of these payments as our investee companies meet or exceed their current performance.”
For the year ended the fund’s investments stood at $9.29 billion while the cash at bank was recorded at $210 million.
Total Assets moved from $8.3 billion in 2018 to $9.5 billion in 2019, an increase of $1.2 billion or14.6 per cent. From the six months ended June 30, 2019 assets moved up $600 million from $8.9 billion an increase of 6.7 per cent.
The NIF’s finance costs as at year end December 31, registered at $227.9 million compared to $113 million for the six months ended June 30, 2019.