Carlton Investments (CIN) H2 2024 earnings summary

Executive summary

• Net profit for the year ended 30 June 2024 was $38.77 million, up 3.6% from $37.41 million in 2023.

• Operating revenue increased to $41.58 million from $39.15 million year-over-year.

• Total dividends and distributions received rose 5.2% to $40.41 million, including $769,000 in special dividends.

• Fully franked dividends paid or payable for the year total $1.04 per ordinary share, a 4.0% increase.

• The market value of the equity investment portfolio grew to $1.02 billion, up from $956.4 million.

Financial highlights

• Basic and diluted EPS was $1.465, up from $1.413 in the prior year.

• Net tangible asset backing per share before tax was $39.71 (2023: $37.15); after tax, $33.26 (2023: $31.19).

• Cash and term deposits at year-end totaled $26.86 million.

• Administration expenses decreased to $924,000 (2023: $970,000); MER improved to 0.09%.

• Total comprehensive income for the year was $81.43 million, up from $34.92 million.

Outlook and guidance

• Elevated inflation and interest rates are expected to persist for 6–12 months before moderating.

• The board remains confident in the portfolio mix and will continue a cautious, long-term investment approach.