Argo Investments (ARG) H1 2025 earnings summary

Executive summary

• Net profit for the half-year ended 31 December 2024 decreased 3.2% to $121.2 million compared to the same period last year, with EPS down 3.6% to 15.9 cents per share.

• Interim fully franked dividend increased to 17.0 cents per share (up from 16.5 cents), totaling $129.8 million, payable 14 March 2025.

• Net tangible asset (NTA) backing per share rose to $10.01 at 31 December 2024, up from $9.33 a year earlier and $9.61 at 30 June 2024.

• Additional capital of $25.1 million was raised via DRP and DSSP, offset by a $7.5 million on-market share buyback.

Financial highlights

• Income from operating activities fell 3.4% year-over-year to $134.4 million.

• Dividends and distributions received increased, but trading and other income declined.

• Total comprehensive income for the half-year was $348.8 million, up from $292.5 million, driven by revaluation of long-term investments.

• Cash and cash equivalents at period end were $73.4 million, down from $97.2 million at 30 June 2024.

• Net operating cash inflows were $122.5 million, down from $146.4 million in the prior period.

Outlook and guidance

• Directors declared an interim dividend of 17.0 cents per share for the year ending 30 June 2025, payable 14 March 2025.

• No material events or changes in outlook have occurred since 31 December 2024.