Argo Global Listed Infrastructure (ALI) H2 2024 earnings summary

Executive summary

• Net profit after tax rose to $12.8 million for the year ended 30 June 2024, up from $9.6 million in the prior year, driven by higher portfolio income and lower unrealised losses.

• Portfolio delivered a total return of +4.8% (before fees), outperforming the benchmark FTSE Global Core Infrastructure 50/50 Index (+4.0%) but lagging broader equity markets.

• Full year dividends increased to a record 9.0 cents per share, fully franked, marking the 13th consecutive fully franked dividend.

• Net tangible asset (NTA) per share was $2.37 at 30 June 2024, slightly down from $2.39 a year earlier.

Financial highlights

• Total investment income was $22.6 million, up from $20.4 million in 2023.

• Management fees were $4.8 million, representing 73% of total expenses.

• Earnings per share increased to 7.2 cents from 5.5 cents in the prior year.

• Net assets at year-end were $417 million, marginally down from $418 million in 2023.

• Dividend Reinvestment Plan raised $1.5 million in new capital.

Outlook and guidance

• Long-term outlook for global listed infrastructure remains positive, supported by secular drivers such as energy transition and digital transformation.

• The company expects continued resilience from infrastructure assets, with exposure to inflation-linked pricing and global diversification.

• No significant changes to the business model are anticipated.