HAL Trust (HAL) H1 2024 earnings summary

Executive summary

• Net income for H1 2024 was €510 million (€5.65/share), down from €550 million (€6.09/share) in H1 2023; net asset value rose by €1,166 million to €14,474 million as of June 30, 2024.

• Quoted interests' market value increased to €3.8 billion, mainly due to Vopak and SBM Offshore; income from quoted interests was €144 million (H1 2023: €140 million).

• Unquoted subsidiaries' revenues grew 3.7% to €4,911 million; operating income rose to €522 million (H1 2023: €352 million), driven by Boskalis.

• Liquid portfolio stood at €2.7 billion, down from €2.9 billion at year-end 2023, with a 1.6% return in H1 2024.

Financial highlights

• Total revenues for H1 2024 were €6,125 million, up from €6,025 million in H1 2023.

• Operating profit was €886.9 million (H1 2023: €944.2 million); net profit attributable to owners was €509.9 million (H1 2023: €550 million).

• Earnings per share were €5.65, compared to €6.09 in H1 2023.

• Total comprehensive income attributable to owners was €621.1 million (H1 2023: €501.6 million).

• Net cash from operating activities was €1,175 million; cash and cash equivalents at period end were €2,595 million.

Outlook and guidance

• No specific net income guidance provided due to portfolio composition and market volatility; risk factors from 2023 remain relevant for H2 2024.