NIF’s incomes grow substantially in 2021 /

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.


LINK ORIGINAL: The Trinidad Guardian