Perpetual Credit Income Trust (PCI) H2 2024 earnings summary

Executive summary

• Net assets attributable to unitholders rose 1.61% to $441.4m as of 30 June 2024, with profit for the year up 39.3% to $42.3m year-over-year.

• Total investment income increased 34.6% to $46.2m, driven by improved net positive portfolio performance (10.2% return vs. 7.1% prior year).

• Distributions for the year totaled 8.87 cents per unit ($35.6m), up from 6.90 cents per unit ($27.7m) in 2023.

• The Trust celebrated its 5th ASX listing anniversary, delivering a total return of 28.4% since IPO.

Financial highlights

• Net tangible assets per unit increased to $1.100 from $1.082, a 1.66% rise year-over-year.

• Basic and diluted earnings per unit were 10.55 cents, up from 7.58 cents in 2023.

• Total assets reached $448.4m, with financial assets at fair value through profit or loss at $428.6m.

• Cash flows from operating activities were $37.2m, with $33.6m distributed to unitholders.

Outlook and guidance

• The Trust remains conservatively positioned, with 40.5% in investment grade and 59.5% in high yield credit.

• Floating rate credit is expected to continue offering attractive returns amid elevated interest rates and credit margins.

• The Trust will continue to focus on quality issuers and maintain vigilance for signs of stress in corporate debt markets.