NIF makes a billion in profits

The National Investment Fund Holding Company (NIF) boasted of over a billion dollars in profit for 2019 in a full-page ad in local newspapers on Wednesday.

The ad indicated that their net profit for last year, ending on December 31, 2019, amounted to $1,221,824,000. They quoted the same number for the total comprehensive income of the company for the period.

In the ad Vishnu Danpaul, Chairman of NIF said their financial results for last year were in line with the financial model outlined in their projections.

NIF received a dividend income of $303.7 million from its portfolio which consisted of shares from Republic Financial Holdings, Angostura Holdings Ltd, the West Indian Tobacco Company Ltd, One Caribbean Media Ltd, and Trinidad Generation Unlimited.

As a result NIF made three semi-annual payments, in February and August of 2019, and in February this year.

“On behalf of the directors I wish to sincerely thank our bond holders for their continuing confidence in the company.

Minister of Finance Colm Imbert in a tweet lauded the company for their performance, calling the fund an outstanding success.

"Over 7,000 individuals are now enjoying exceptional returns on their investment, more than 3 times what is available for fixed deposits," he said.