UIE (UIE) Q3 2024 earnings summary

Executive summary

• UIE reported a net profit of USD 82.4 million for the first nine months of 2024, up 96% year-over-year, driven by record results from UP and fair value gains in Schörling and Greenbridge.

• Net asset value per share rose 47% since year-end 2023 to DKK 350.2, and the share price increased 46% to DKK 275.0.

• UIE's portfolio companies—UP, Schörling, and Greenbridge—delivered strong operational and financial performance despite global economic and geopolitical challenges.

Financial highlights

• Net profit for Q1-3 2024 was USD 82.4 million, compared to USD 42.1 million in Q1-3 2023.

• Operating income for Q1-3 2024 reached USD 83.3 million, up from USD 42.3 million in the prior year period.

• Shareholders’ equity increased to USD 751.4 million as of 30 September 2024, up from USD 693.4 million at year-end 2023.

• Cash and liquid assets decreased to USD 81.2 million, reflecting dividend payments and share buy-backs.

• Earnings per share for Q1-3 2024 was USD 1.01, compared to a loss of USD 0.57 in Q1-3 2023.

Outlook and guidance

• UIE expects a significantly lower net profit for full-year 2024 compared to 2023, mainly due to a negative fair value adjustment in Schörling.

• UP is expected to perform satisfactorily in 2024, supported by stable palm oil prices and focus on yield and cost efficiency.

• The outlook remains highly dependent on UP’s performance and fair value changes in Schörling and Greenbridge.