NIF records $800m loss for 2024

After recording a $2 billion loss in 2023, the National Investment Fund Holding Co Ltd (NIF) has recorded a loss of $814.5 million for the financial year ending December 31, 2024.

This comes after the company recorded an increase in net income from $84.1 million in 2023 to $145.1 million in 2024.

In its audited summary financial statements, NIF said its bonds have also experienced steady dividends.

"The NIF1 bond has been experiencing steady dividends due to its well-balanced portfolio, which when combined with NIF2 bond amounted to $411.8 million in 2024, an increase of $87.7 million or 27 per cent from the $324.1 million earned in the prior year."

The statement said Republic Financial Holdings Ltd paid out overall dividends of $5.70 per share, an increase of 9.6 per cent over 2023 dividends of $5.20 per share.

Trinidad Generation Unlimited's dividends moved from $0.36 per share to $0.49 per share.

Angostura Holdings Ltd paid dividends of $0.38 per share, an 8.5 per cent increase compared to $0.35 per share in 2023.

One Caribbean Media Ltd paid out $0.21 per share compared to $0.20 received during 2023 while the West Indian Tobacco Company Ltd distributed $0.87 per share in 2024 compared to $0.78 in 2023.

"We ended 2024 with an overall portfolio of $7.7 billion. Thus, while the dividend performance has been significant, the portfolio has been impacted by a general decline in stock market prices such that the NIF1 portfolio valued in 2018 at $8.0 billion is currently $6.90 billion with a coverage ratio of 1.8:1."

In the chairman's reports, Jennifer Lutchman said, "On behalf of our directors, management and staff, I wish to sincerely thank our bondholders for their continuing confidence in the company."

NIF was established in 2018 to monetise certain Clico assets as well as a wholly owned state enterprise.

Its portfolio is valued at $7.941 billion comprising Angostura Holdings Ltd, One Caribbean Media Ltd, Republic Financial Holdings Ltd, West Indian Tobacco Company Ltd and Trinidad Generation Unlimited.