Sandon Capital Investments (SNC) H2 2025 earnings summary

Executive summary

• Achieved a 28.2% total shareholder return (NTA before tax per share plus dividends and franking credits) for the year ended 30 June 2025, outperforming key market indices.

• Gross portfolio return was 32.2% before fees, expenses, and taxes, with net profit after tax of $24.65 million, up from $14.36 million in 2024.

• Quarterly dividend payments commenced, with an increase in annualised dividend to 5.6 cents per share, fully franked.

• Major contributors to performance included Fleetwood Ltd, COG Financial Services Ltd, Wellard Ltd, Carbon Conscious Investments Ltd, and BCI Minerals Ltd.

Financial highlights

• Revenue from ordinary activities rose to $37.08 million (2024: $20.72 million).

• Net profit before tax was $30.53 million (2024: $15.31 million), and net profit after tax was $24.65 million (2024: $14.36 million).

• Net realised gains of $2.91 million (2024: loss of $19.64 million) and unrealised gains of $19.06 million (2024: $1.98 million).

• Cash and cash equivalents decreased to $641,110 from $8.1 million.

• NTA before tax per share increased to $0.9598 (2024: $0.8067); after tax, $0.9197 (2024: $0.8055).

Outlook and guidance

• Directors expect continued attractive investment opportunities amid ongoing market volatility and uncertainty.

• Falling interest rates are seen as a tailwind for asset values, but geopolitical risks remain elevated.

• Directors intend to maintain fully franked dividends of at least 5.6 cents per share per annum, supported by strong profit and franking reserves.