Regal Partners Global Investments (RG!) H2 2024 earnings summary

Executive summary

• Achieved a net portfolio return of +17.8% for FY24, with total shareholder return of +29.5% including franking, driven by strong performance in AI semiconductors, energy, and defense sectors.

• Net profit after tax rose 19% year-over-year to $64.1 million, with EPS of 20.16 cents.

• Share price increased 19% to $1.94, and the discount to NTA narrowed from 18% to 13%.

• Board increased target dividend policy to at least 5.0 cents per share every six months, fully franked.

Financial highlights

• Income from ordinary activities grew 17% to $135.3 million compared to FY23.

• Operating profit before tax increased 18% to $88.4 million; after-tax profit up 19% to $64.1 million.

• Net tangible assets (NTA) per share post-tax rose 12.1% to $2.23.

• Dividends paid totaled 10.0 cents per share, with a net yield of 5.2% and grossed-up yield of 7.4%.

• Profits reserve reached $274.1 million, equating to over 9 years of dividend capacity at current rates.

Outlook and guidance

• Investment guidelines refined to increase gross exposure limit from 150% to 200%, effective 1 July 2024.

• Future returns are not guaranteed due to market fluctuations; monthly and annual updates will continue.