Tribeca Global Natural Resources (TGF) H2 2024 earnings summary

Executive summary

• Reported a net loss after tax of $9.59 million for FY2024, reversing a $7.63 million profit in FY2023.

• Loss driven by underperformance in Carbon Credits, Battery Metals, and Soft Commodities, offsetting gains in Uranium, Precious Metals, and Bulk Commodities.

• Fully franked dividend of 5 cents per share paid in September 2023; no final dividend declared for FY2024.

• Board initiated a review of the company’s LIC structure due to persistent trading at a discount to NTA.

Financial highlights

• Revenue from ordinary activities fell to a loss of $2.4 million from a profit of $24.3 million year-over-year.

• Operating loss before tax was $14.38 million, compared to a $12.06 million profit in FY2023.

• Net tangible assets (NTA) per share (post-tax) decreased to $2.08 from $2.26 year-over-year.

• Basic and diluted loss per share was $(0.12), down from earnings per share of $0.12 in FY2023.

• Cash at bank increased to $23.04 million from $1.61 million year-over-year.

Outlook and guidance

• Management expects sector headwinds to shift to tailwinds, with easing inflation, potential rate cuts, and a recovering Chinese economy likely to benefit commodities.

• M&A activity and capital raising in the sector are accelerating, indicating growing institutional appetite.

• The company remains optimistic about the long-term outlook for natural resources and expects fundamentals to support a closing of the NTA discount.