Treasure (TRE) H2 2024 earnings summary

Executive summary

• Owns 8,250,000 shares (11.0%) in Hyundai Glovis, a global logistics provider; main focus is maximizing shareholder returns via this investment.

• Distributed NOK 1.00 per share in dividends in 2024; no share buybacks during the year.

• Maintains strong financial position with no interest-bearing debt and robust liquidity.

• Board and management continue to strengthen ties with Hyundai Group and stakeholders.

Financial highlights

• Profit before tax for 2024 was USD 90.3 million, up from USD 88.0 million in 2023.

• Net profit for 2024 reached USD 87.3 million, compared to USD 84.3 million in 2023.

• Total assets at year-end 2024 were USD 672.5 million, slightly down from USD 679.7 million in 2023.

• Cash and cash equivalents decreased to USD 0.9 million from USD 4.4 million year-over-year.

• Received USD 19.0 million in dividends from Hyundai Glovis; paid out NOK 1.00 per share in dividends to shareholders.

Outlook and guidance

• Proposed dividend for 2025 is NOK 0.70 per share, with potential for an additional NOK 0.20 per share.

• Underlying value expected to fluctuate in line with Hyundai Glovis' financial and share price performance.

• Hyundai Glovis' main customers, Hyundai Motor Group and Kia, are experiencing increased global demand.

• Hyundai Glovis expanding into zero-emission and hydrogen initiatives, supporting positive outlook.