May 2, 2025
Guardian Holdings Limited(GHL)
Unaudited financials for the first quarter ended March 31, 2025:
Reported in Trinidad & Tobago Dollars (unless otherwise stated):
Guardian Holdings Limited (GHL) for the first quarter ended March 31, 2025, reported a 5% increase in insurance revenue totalling $1.48 billion compared to $1.41 billion in the corresponding three months last year.
Insurance Service Expenses amounted to $1.01 billion (2024: $903.98 million), this represents an increase of 12% year over year. Consequently, net results from insurance activities decreased marginally to $181.14 million compared to $181.88 million for the first quarter ended March 31, 2024.
Net Income from all Activities decreased by 21% to close at $412.41 million (2024: $523.39 million), while Operating Expenses increased by 10% from $188.44 million in 2024 to $206.72 million for the three months. As a result, Operating Profit for the first quarter amounted to $158.11 million, a 46% decrease relative to $291.08 million reported in 2024.
Share of profits of associated companies totalled $5.89 million a 57% increase from the corresponding period last year. (2024: $3.75 million).
Profit before Taxation for the three months had a 44% decrease to reach $164.00 million (2024: $294.83 million).
Taxation for the three months amounted to $42.61 million, a 35% decrease from the $65.35 million reported in 2024. As such, Net Profit from continued operations decreased by 47% to $121.39 million (2024: $229.48 million). GHL Highlighted, “Import tariff changes announced by the US government on an already volatile investment market impacted on our first quarter’s performance, resulting in a year-over-year reduction in net fair value gains of $101 million or 68%”.
Net profit from discontinued operations jumped 8,929% to $649.92 million from $7.20 million in 2024. This resulted from the gain on sale of $651 million due to the sale of 100 percent of the shares of Thoma Exploitatie B.V. on 24th January, 2025.
Net profit Attr. to Shareholders for the first quarter totalled $769.56 million, relative to the $233.83 million reported twelve months prior.
Consequently, Earnings Per Share for the three months amounted to $3.32 (2024: EPS: $1.01). The twelve-month trailing EPS was $6.00, and the number of shares used in these calculations was 232,024,923.
Notably, GHL’s stock price closed the trading period on May 01, 2025, at a price of J$346.28 with a corresponding P/E ratio of 2.49x.
Balance Sheet Highlights
The company’s assets totalled $38.01 billion (2024: $36.27 billion). The growth in total assets was primarily driven by a $1.64 billion uptick in ‘Investment Securities’ from $25.41 billion in 2024 to $27.05 billion in the period.
Shareholder’s equity was $5.40 billion (2024: $3.94 billion), representing a book value per share of $23.26 (2024: $17.00).
Disclaimer:
Analyst Certification -The views expressed in this research report accurately reflect the personal views of Mayberry Investments Limited Research Department about those issuer (s) or securities as at the date of this report. Each research analyst (s) also certify that no part of their compensation was, is, or will be, directly or indirectly, related to the specific recommendation(s) or view (s) expressed by that research analyst in this research report.
Company Disclosure -The information contained herein has been obtained from sources believed to be reliable, however its accuracy and completeness cannot be guaranteed. You are hereby notified that any disclosure, copying, distribution or taking any action in reliance on the contents of this information is strictly prohibited and may be unlawful. Mayberry may effect transactions or have positions in securities mentioned herein. In addition, employees of Mayberry may have positions and effect transactions in the securities mentioned herein.