Carlton Investments (CIN) H2 2024 earnings summary

Executive summary

• Net profit for the year ended 30 June 2024 was $38.77 million, up 3.6% from $37.41 million in 2023.

• Dividends and distributions received increased 5.2% to $40.41 million, including $769,000 in special dividends.

• Fully franked dividends of $10.47 million were received from EVT, the largest holding.

• The market value of the equity investment portfolio rose to $1.02 billion, up from $956.4 million.

• Net tangible asset backing per share before tax was $39.71, up from $37.15; after tax, $33.26, up from $31.19.

Financial highlights

• Operating revenue increased to $41.58 million from $39.15 million year-over-year.

• Interest income rose to $1.17 million, reflecting higher rates and larger term deposits.

• Administration expenses decreased to $924,000, with a management expense ratio of 0.09%.

• Basic and diluted EPS was $1.465, up from $1.413.

• Total comprehensive income for the year was $81.43 million, up from $34.92 million.

Outlook and guidance

• Elevated inflation and interest rates are expected to persist for 6–12 months before moderating.

• Ongoing domestic and global uncertainties are likely to impact market valuations and volatility.

• The Board remains confident in the portfolio mix and will continue a cautious, long-term investment approach.