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% year-over-year.

• Income from dividends and distributions rose 5.2% to $40.41 million.

• Return to ordinary shareholders was 9.4% for the year, below the S&P/ASX 200 Accumulation Index return of 12.1%.

• Market value of the equity investment portfolio increased to $1.022 billion from $956 million year-over-year.

Financial highlights

• Dividends from EVT increased to $10.47 million from $8.01 million year-over-year.

• Interest income rose to $1.17 million from $747,000, with higher average funds on deposit and a higher average interest rate.

• Administration expenses decreased to $924,000 from $970,000; management expense ratio fell to 0.09%.

• Interim and final fully franked dividends totaled $1.04 per ordinary share, up 4 cents year-over-year.

Outlook and guidance

• Dividends, distributions, and other income for the first quarter to 30 September 2024 increased 3.1% year-over-year to $15.76 million.

• Market value of the equity investment portfolio rose 1.4% to $1.036 billion as of 30 September 2024.

• Expectation of continued volatility in Australian equities due to domestic and global factors; focus remains on long-term value and sustainable dividends.