Canadian General Investments (CGI) Q4 2024 earnings summary

Executive summary

• 2024 NAV total return was 26.6%, ahead of the S&P/TSX Composite Index’s 21.6%; share-price total return was 19.6%.

• Net assets rose to $1.446 billion from $1.160 billion; year-end NAV per share increased to $69.32 from $55.63.

• Four regular quarterly taxable dividends totalled $1.00 per share, equal to a 2.5% yield at the year-end market price.

Financial highlights

• Total income was $348.330 million versus $200.350 million in 2023; net gains on investments were $347.906 million, including $123.872 million realized and $203.279 million unrealized gains.

• Total expenses were $28.512 million versus $25.814 million; refundable income tax expense was $13.243 million versus $0.382 million.

• Increase in net assets from operations was $306.575 million, or $14.70 per share, versus $174.154 million, or $8.35 per share, in 2023.

• Dividend and interest income totalled $20.754 million, down 2.8% YoY; management fees rose 17.4% to $17.079 million and financing charges rose 15.6% to $9.381 million.

Outlook and guidance

• Lower interest rates may support a Canadian economy that is stronger than a year earlier, though a recovery from economic lethargy may take time.

• Portfolio management will retain a patient, long-term approach and rely on diversification amid potential market volatility and trade-policy uncertainty.

• No return or earnings forecast was stated; management cautioned that forward-looking results depend on economic and market factors and may differ materially.