General Capital (GEN) AGM 2024 Presentation summary

Financial performance highlights

• Total assets increased by 20% to $163.3 million for the year ended 31 March 2024.

• Total equity rose 11% to $26.8 million, with revenue up 25% to $17.1 million.

• Net profit before tax grew 7% to $3.6 million, and net profit after tax rose 17% to $2.6 million.

• Credit rating reaffirmed at BB Stable.

Dividend policy and share consolidation

• Dividend policy targets at least 40% of net profit after tax, subject to prudent capital needs.

• Directors reserve the right to amend the dividend policy as needed.

• Share consolidation: every four shares held at 5:00 p.m. on 2 August 2024 will be consolidated into one, with fractional entitlements rounded up as appropriate.

Subsidiary and operational trends

• General Finance Limited, a subsidiary, showed consistent growth in assets, liabilities, and equity from March 2021 to June 2024.

• Secured term deposits and loans by location and security type were tracked, with notable growth in residential housing and Auckland region.