The National Investment Fund (NIF) has recorded a total comprehensive income of $489.6 million for the year ended December 31, 2021.
The total comprehensive income for the comparative period in 2020 was $32.2 million.
According to NIF, the financial results of its investee companies have been strong for the year ending December 31, 2021 despite the adverse economic impacts of the COVID-19 pandemic.
In a posting on the Stock Exchange, NIF’s Director Jennifer Lutchman noted that since its establishment in mid-2018 the portfolio increased by 22.9 per cent or $1.82 billion from $7.94 billion to $9.76 billion.
Lutchman said since its inception, NIF had performed in accordance with its mandate, up until the onset of the pandemic.
Accordingly, she added, NIF has been able to continue to make a consistent stream of interest payments to its bondholders with the seventh coupon payment made on February 9, 2022.
For the year ended December 31, 2021 NIF has received dividend income from its portfolio of quality assets which consists of shares from five companies as follows: 26.1 per cent of the shareholding of Republic Financial Holdings Limited, 29.9 per cent of Angostura Holdings Limited; 5.4 per cent of West Indian Tobacco Company Limited; 22.9 per cent of One Caribbean Media Limited and 100 per cent of Trinidad Generation Unlimited.
«The skilful management by our Investee companies has mitigated the consequential decline in dividends and the recent improvement in performance is not altogether unexpected,» Lutchman said.
The National Investment Fund Holding Company Limited is a company created by its sole shareholder, the Government of T&T, to hold five assets.
These assets were received by the Government as proceeds from the shareholding of certain assets of CLICO (under supervision of Central Bank) and CIB, as well as an appropriate shareholding of TGU owned by Government. Since 2009, the Government has sought to recover funds owed to it arising from the bail out of CLICO and CIB which resulted in, CLICO and CIB transferring certain assets held by them to GORTT, some of which, in addition to the shareholding of TGU, were transferred to NIFHL.
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LINK ORIGINAL: The Trinidad Guardian