Perpetual Equity Investment Company (PIC) H2 2024 earnings summary

Executive summary

• Net profit after tax for FY24 was $28.6 million, with a fully franked final dividend of 4.0 cents per share for 2H24, matching the prior year and interim dividend.

• FY24 full year fully franked dividend totaled 8.0 cents per share, a record high, yielding 6.5% (grossed-up 9.3%) based on the closing share price at 30 June 2024.

• Five-year investment performance averaged 10.4% p.a., outperforming the S&P/ASX 300 Accumulation Index by 3.2% p.a.

Financial highlights

• Profit reserve after final dividend payment stands at $82.5 million, providing 2.7 years of dividend coverage at current payout rates.

• Franking account balance is $12.7 million, supporting one year of fully franked dividends.

• Since listing in 2014, $168.4 million (53.8 cps) has been paid in dividends.

Outlook and guidance

• Board remains confident in the manager’s active approach and expects continued reliable income and capital growth for shareholders.

• Emphasis on quality and value investing is expected to drive long-term outperformance, despite short-term market uncertainties.