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).

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