National Investment Fund up to $9.3b

The value of the National Investment Fund rose to $9.3 billion in 2020, an increase of $1.3 billion since it was set up in mid-2018, chairman Vishnu Dhanpaul reported.

Although the amounts are at "lower levels" due to the economic impact of the covid19 pandemic, Dhanpaul noted the fund has received a steady stream of dividend payments from investments in Republic Bank, Angostura Holdings, West Indian Tobacco Co Ltd (Witco), One Caribbean Media Ltd (OCM) and Trinidad Generation Unlimited (TGU).

"Accordingly, NIF has continued to make a consistent stream of interest payments to our bond holders; moreover, our bonds are being traded in the corporate bond market with significant capital gains for sellers," the chairman stated in the 2020 financials.

NIF owns 26 per cent in Republic, 29.9 per cent in Angostura, 5.4 per cent in Witco, 23 per cent in OCM and TGU is 100 per cent wholly-owned.

The NIF results comes as Angostura announced $145.6 million after-tax profits for 2020.

Witco this week said it earned $588 million in before-tax profits last year, a decline of a little more than three per cent. OCM's before-tax profits fell by 55 per cent to $24 million.

In February, Republic said it made a $391.1 million first-quarter profit for the period ending December 31. This is a $17.3 million or 4.6 per cent increase year-on-year.