NIF records $2b loss for 2023

SIGNIFICANT investments in major local companies resulted in the National Investment Fund Holding Co Ltd (NIF) reporting a $2 billion loss for the year ending December 2023.

The losses resulted in a decline in its equities from $6.2 billion in 2022, to $4.6 billion in 2023.

The figures were revealed in its limited audited financial statements released last week.

In its statement of comprehensive income, NIF reported a total income of $333.5 million, garnered from dividend and interest income as well as government subventions.

The year before, it recorded $313 million in income.

Operating expenses and finance costs resulted in total expenses amounting to $249.3 million. The year before, it reported $234.3 million in expenses.

The net income for NIF was $84 million in 2023, as compared to $78.5 million in 2022, but it recorded a $2.1 billion loss on financial assets at fair value for 2023, as compared to a profit of $201 million the year before.

That resulted in a $2.03 billion loss for 2023, as compared to a profit of $279.7 million in 2022.

In its notes, the report explained that the losses were a result of movement in market values for the year.

NIF identified five companies in its reports – Angostura Holdings Ltd, One Caribbean Media Ltd, Republic Financial Holdings Ltd, Trinidad Generation Ltd and West Indian Tobacco Co Ltd (Witco).

NIF invested $126.4 million in Angostura, $702.4 million in Republic, $165 million in Witco and $1.12 billion in Trinidad Generation.

In 2022, Angostura presented gains from investments to the tune of $370 million. One Caribbean Media received investments amounting to $16.9 million. Republic Financial Holdings received an investment of $49.6 million and Witco received $102.2 million in investments.

In February, Finance Minister Colm Imbert advised that the issuance of a $400 million, five-year NIF bond offered to the public at an interest rate of $4.5 per cent per annum had crossed $1 billion, including over $700 million in applications from more than 3,644 individual investors.