UIE (UIE) Q2 2024 earnings summary

Executive summary

• UIE reported a net profit of USD 50.2 million for H1 2024, down from USD 60.5 million in H1 2023, mainly due to lower fair value gains in Schörling and a one-off reversal of a provision.

• UP delivered record results, with net profit up 18% year-over-year, driven by higher CPO prices, increased production, and lower costs.

• Greenbridge's fair value rose 26% since year-end 2023, supported by new investments and positive market conditions.

• Schörling's fair value increased 1% in USD terms, with SEK gains offset by currency headwinds.

Financial highlights

• Net profit for H1 2024 was USD 50.2 million, a decrease of USD 10.3 million year-over-year.

• Operating income was USD 51.4 million, down from USD 60.2 million in H1 2023.

• Net asset value per share rose to DKK 311.7 as of 30 June 2024, up 31% from year-end 2023.

• Share price at 30 June 2024 was DKK 230.0, up 27% year-over-year.

• Return on equity for H1 2024 was 3.15%, compared to 4.06% in H1 2023.

Outlook and guidance

• UIE anticipates lower net profit for 2024 versus 2023, mainly due to a negative fair value adjustment in Schörling.

• UP expects satisfactory performance for 2024, with palm oil prices stabilizing and focus on cost efficiencies.

• Schörling's contribution is expected to be negative for the full year if current market and FX trends persist.

• Greenbridge's portfolio valuations remain uncertain due to the early-stage nature of its investments.