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Monday, March 17, 2025

NIF’s net profit increases by 103%

by

Joel Julien
1236 days ago
20211028
Republic Bank, Independence Square, Port-of-Spain.

Republic Bank, Independence Square, Port-of-Spain.

ROBERTO CODALLO

The Na­tion­al In­vest­ment Fund (NIF) has record­ed a prof­it of $643 mil­lion for the nine month pe­ri­od end­ed 30 Sep­tem­ber 2021.

This was a 103 per cent in­crease from the net prof­it that NIF made for the com­par­a­tive pe­ri­od last year.

NIF record­ed a net prof­it of $317 mil­lion for the nine month pe­ri­od end­ed 30 Sep­tem­ber 2020.

The in­crease in NIF’s net prof­its was at­trib­uted main­ly to an in­come of $633.8 mil­lion from its in­vest­ment in its sub­sidiary the Trinidad Gen­er­a­tion Un­lim­it­ed (TGU).

NIF is a hold­ing com­pa­ny for the as­sets trans­ferred from the gov­ern­ment ini­tial­ly be­ing in­vest­ments in TGU, An­gos­tu­ra Hold­ings, Re­pub­lic Fi­nan­cial Hold­ings, One Caribbean Me­dia and West In­di­an To­bac­co Com­pa­ny.

“Our in­vestee com­pa­nies have con­tin­ued to nav­i­gate suc­cess­ful­ly the chal­lenges brought about by the COVID-19 pan­dem­ic. Re­cent­ly two of our in­vestee com­pa­nies record­ed sig­nif­i­cant im­prove­ment in earn­ings,” NIF’s di­rec­tor Jen­nifer Lutch­man stat­ed in her third quar­ter re­view.

Lutch­man said An­gos­tu­ra Hold­ings made $73.9 mil­lion in prof­it-be­fore-tax for the six-months pe­ri­od end­ed June 30 2021 and Re­pub­lic Fi­nan­cial Hold­ings record­ed a prof­it-be­fore-tax of $1.515 bil­lion for the nine-months end­ed June 30 2021.

“Our in­vest­ment port­fo­lio cur­rent­ly stands at $9.99 bil­lion which re­flect­ed an in­crease of $2.0 bil­lion or 25 per cent since its es­tab­lish­ment in Mid-2018,” Lutch­man stat­ed.

On Au­gust 9 2021 NIF made its sixth coupon pay­ment of $112.2 mil­lion to its bond hold­ers on the three se­ries of its $4 bil­lion bond.

This brought to­tal in­ter­est dis­tri­b­u­tions to $673.2 mil­lion. The sev­enth coupon pay­ment is sched­uled for Feb­ru­ary 9 next year.

NIF is­sued coupon rate bonds in three se­ries dur­ing the pe­ri­od Ju­ly 12, 2018 to Au­gust 9, 2018; these bonds have con­tin­ued be­ing ac­tive­ly trad­ed on the cor­po­rate bond mar­ket.

Dur­ing the nine months end­ed Sep­tem­ber 30 2021, no new bonds were is­sued by NIF.


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