Tribeca Global Natural Resources (TGF) H2 2025 earnings summary

Executive summary

• Achieved a net profit after tax of $5.02 million for FY25, reversing a prior year loss of $9.59 million, driven by strong performance in Precious Metals, Uranium, and Oil & Gas segments.

• Declared a fully franked dividend of $0.05 per share and announced a buyback program of up to 10% of outstanding shares, aiming to close the discount to NTA.

• Net tangible assets (NTA) per share (excluding tax) increased 4.47% to $2.09, outperforming key resource indices which declined over the same period.

• Board remains committed to capital management and ongoing dividend payments from retained profits when prudent.

Financial highlights

• Revenue from ordinary activities was $20.2 million, up from a loss of $2.4 million in FY24.

• Operating profit before tax was $7.05 million, compared to a loss of $14.38 million in the prior year.

• Net profit after tax was $5.02 million, versus a loss of $9.59 million year-over-year.

• Basic and diluted EPS improved to $0.06 from a loss of $0.12 per share.

• NTA per share (excluding tax) rose to $2.09 from $2.00; including tax, NTA was $2.15 (up from $2.08).

Outlook and guidance

• Positive outlook for the resources sector, with supportive macro trends such as China's expansionary policies and rising demand for commodities critical to energy transition.

• Copper demand from China is nearing double-digit annual growth, and supply constraints are expected to persist.

• The portfolio manager remains optimistic about the opportunity set in commodities and expects continued market volatility.