The National Investment Fund (NIF) has recorded a profit of $643 million for the nine month period ended 30 September 2021.
This was a 103 per cent increase from the net profit that NIF made for the comparative period last year.
NIF recorded a net profit of $317 million for the nine month period ended 30 September 2020.
The increase in NIF’s net profits was attributed mainly to an income of $633.8 million from its investment in its subsidiary the Trinidad Generation Unlimited (TGU).
NIF is a holding company for the assets transferred from the government initially being investments in TGU, Angostura Holdings, Republic Financial Holdings, One Caribbean Media and West Indian Tobacco Company.
“Our investee companies have continued to navigate successfully the challenges brought about by the COVID-19 pandemic. Recently two of our investee companies recorded significant improvement in earnings,” NIF’s director Jennifer Lutchman stated in her third quarter review.
Lutchman said Angostura Holdings made $73.9 million in profit-before-tax for the six-months period ended June 30 2021 and Republic Financial Holdings recorded a profit-before-tax of $1.515 billion for the nine-months ended June 30 2021.
“Our investment portfolio currently stands at $9.99 billion which reflected an increase of $2.0 billion or 25 per cent since its establishment in Mid-2018,” Lutchman stated.
On August 9 2021 NIF made its sixth coupon payment of $112.2 million to its bond holders on the three series of its $4 billion bond.
This brought total interest distributions to $673.2 million. The seventh coupon payment is scheduled for February 9 next year.
NIF issued coupon rate bonds in three series during the period July 12, 2018 to August 9, 2018; these bonds have continued being actively traded on the corporate bond market.
During the nine months ended September 30 2021, no new bonds were issued by NIF.