The Unit Trust Corporation records a significant decrease in Net Income for 2024 due to absorbing a liability and increasing distributions to unit holders.
Despite this, it has still registered a profit.
This was revealed at the UTC's 43rd Annual General Meeting.
00:00The Unitrust Corporation has recorded a decrease in net income for 2024.
00:05This is based on the company's consolidated audited financial statements for the year ended December 31st, 2024.
00:13Chairman of the corporation, Joanne Julian, pronounces on what it means for the corporation.
00:18Looking at our financial performance, it is important to address the fall in net income for fiscal 2024 compared to fiscal 2023.
00:30This result does not reflect operational weakness, but rather the impact of broader market conditions.
00:40UTC's Executive Director, Nigel Edwards, further explains that the decrease was by 67%.
00:46The fall in net income primarily stems from an increased provision for the Growth and Income Fund's price guarantee.
00:53The price guarantee is a commitment that ensures that unit holders who remain invested for three years are protected at their entry price.
01:04But Edwards states that the corporation has been resilient and strategic in dealing with that outcome, including not placing the burden on unit holders.
01:13We generated $1.045 billion in total investment income.
01:20That was underpinned by disciplined asset allocation and strategic diversification.
01:33Distributions to our unit holders total nearly $495 million, a significant 60.3% increase over 2023.
01:43In terms of other distributions or returns on investments, $279.4 million came from the TT Income Fund and $129.5 million from the U.S. Income Fund,
01:57which, according to UTC, marks a very high percentage increase under both funds.
02:02The Calypso Macro Index Fund is said to be totaling $569.42 million and matures in November of this year.
02:12As it pertains to UTC's profit, Chief Financial Officer Kareem Maharaj reveals the figure.
02:18So we made $19 million in 2024, which was lower than 2023 because we recorded an increase in the price guarantee liability.
02:29He underscores that UTC continues to plan for risk through its holding of capital.
02:34We currently hold $1.7 billion in capital.
02:40And I emphasize billion, that's with a B.
02:43And if you notice the balance in 2020, it was $1.5 billion.
02:48So there's a $200 million increase in the capital that we hold over those five years.
02:55Assets under management have increased in the last five years by $600 million.
03:02For 2025, UTC, which has around 550,000 unit holders, says it is focused on sustainability,
03:10including through creating more gains in the Caribbean, utilizing artificial intelligence,
03:15pushing innovation and financial literacy.
03:18On a side note, the corporation has launched its mobile app where people have access to their balances and monthly statements.
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