Argo Investments (ARG) H2 2024 earnings summary

Executive summary

• Income from operating activities decreased 5.9% to $285.5 million for the year ended 30 June 2024 compared to the prior year.

• Net profit fell 6.9% year-over-year to $253.0 million.

• Fully franked dividends totaled 34.5 cents per share, unchanged from the previous year.

• Net tangible asset (NTA) per share after unrealised tax provision rose to $8.36 from $7.94.

Financial highlights

• Operating income: $285.5 million, down from $303.3 million year-over-year.

• Profit before tax: $274.9 million, down from $292.8 million.

• Earnings per share: 33.3 cents, down from 36.1 cents.

• Total comprehensive income: $575.1 million, up from $563.7 million, driven by higher revaluation of long-term investments.

• Cash at year-end: $97.2 million, down from $125.3 million.

Outlook and guidance

• Final dividend of 18.0 cents per share declared, fully franked, with a 3.0 cent LIC capital gain component.

• Dividend Reinvestment Plan and Dividend Substitution Share Plan will operate for the final dividend, with shares allotted at market price and no discount.