MFS Capital Partners records profit
MFS Capital Partners maintained its profitability for financial year 2022/23 despite recording no revenue from operations.
Notwithstanding, the group generated net income of $32.9 million from consulting fees, interest on receivables and write-offs to subsidiary companies Bar Central Limited and Muse 360 Integrated Limited — both of which have discontinued operations since 2019.
Net income for the year was half of that earned in 2022.
MFS Capital owns a 51 per cent stake in Muse 360 Integrated and 75 per cent interest in Bar Central as a result of its acquisition of SSL Venture Capital Jamaica in June last year through a special purpose vehicle.
While MFS capital will carry on the operations of its predecessor, which involves investing in equity of small- to medium-sized companies that show great potential for growth and profits, it has yet add new and active companies to its portfolio. The company had, however, informed Jamaica Observer that it plans to invest in more mature capital and that it was considering a possible capital raise to facilitate those acquisitions.
For the year ended June 30, 2023, the group recorded profits attributable to shareholders of $8.79 million, reflecting a decline of over 50 per cent when compared to $18.17 million earned in the year prior.
Earnings per share fell by one cent to $0.02.
The company’s net assets increased from $14.23 million in 2022 to $65.64 million at the end of June.
Caribbean Business Report reached out to MFS Capital Partners director Dino Hinds for a comment on the company’s future plans; however, he was in a meeting at the time.
