NIF reports $600m increase

The content originally appeared on: Trinidad and Tobago Newsday

Republic Bank branch in Rio Claro. The banking group is among one of the five assets held by the National investment Fund – File photo/Marvin Hamilton

The National Investment Fund Holding Company Ltd reported an increase in its portfolio by $600 million since its establishment in mid-2018.

The company revealed its financial position in its audited summary financial statements for the year ending December 31 last week.

In her report chairperson Jennifer Lutchman said the company ended the year with a portfolio of $8.66 billion.

Investee companies provided dividends of $324.1 million, an increase of $20 million, or 6.9 per cent over the $303.3 million earned for the same period the year before.

Lutchman said dividend inflows remained robust with all five investees paying out its dividends at high rates.

Republic Financial Holding Ltd paid out overall dividends of $5.20 per share, an increase of 15.5 per cent over 2022 dividends of $4.50 per share.

Angostura Holdings Ltd and Trinidad Generation Unlimited’s dividends remained steady at $0.35 and $0.31 respectively. West Indian Tobacco Ltd’s dividends reduced, distributing $0.78 per share in 2023, compared with $1.42 during 2022.

The NIF is a company created by the Government to hold assets received as proceeds from shareholding of assets of CLICO, CIB and TGU owned by the government, arising out of a bailout of CLICO and CIB in 2009 and 2011.

Government decided to float the bond in the effort to raise $4 billion, from July 12-August 9. A second NIF offering, called NIF 2, launched in January this year, was oversubscribed by 267 per cent.

The second bond was launched offering $400 million in bonds at 4.5 per cent interest with a term of five year