April 2, 2024
Expressed in Trinidad and Tobago Dollars unless otherwise stated.
Guardian Holdings Limited (GHL) for the year ended December 31, 2023, reported a 4% increase in net results from insurance activities totaling $701.76 million compared to $676.21 million in the corresponding period last year.
Net Income from Investing Activities amounted to $1.91 billion (2022: $863.28 million), this represents a change of 122% year over year. Consequently, net insurance finance expenses valued $787.05 million compared to $13.59 million for the year ended December 31, 2022.
Net Income from all Activities for the year ended December 31, 2023, amounted to $1.98 billion, an 18% increase relative to $1.68 billion reported in 2022.
Operating Expenses increased by 1% from $892.87 million in 2022 to $900.18 million in the period under review. As a result, operating profit for the year ended December 31, 2023, amounted to $907.15 million, a 55% increase relative to $586.12 million reported in 2022.
Finance Charges for the year ended December 31, 2023, amounted to $176.78 million, a 13% decrease relative to $203.38 reported in 2022.
Profit before Taxation for the year ended December 31, 2023, had a 52% increase to reach $922.41 million (2022: $605.71 million). Taxation for the year end amounted to $221.41 million, a 71% increase from the $129.64 million reported in 2022.
Net Profit increased by 47% to $701.00 million (2022: $476.08 million). Net Profit for the quarter totalled $332.00 million relative to the $332.03 million booked in the prior year’s quarter.
Profit attributable to equity holders of the company for the period totalled $695.82 million, relative to the $471.71 million reported twelve months prior. For the quarter, profit attributable to equity holders of the company amounted to $331.24 million compared to the $330.99 million reported in 2022.
Consequently, Earnings Per Share for the year end amounted to $3.00 (2022: EPS: $2.03), while Earnings Per Share for the quarter totaled $1.43 (2022: EPS: $1.43). The number of shares used in these calculations was 232,024,923.
Notably, GHL’s stock price closed the trading period on March 28, 2024, at a price of $360.93 with a corresponding P/E ratio of 5.24x.
Balance Sheet Highlights
The company’s assets totalled $34.79 billion (2022: $33.75 billion). This resulted from a 7% increase in ‘Investment securities’ closing at $25.09 billion.
Shareholder’s equity was $3.85 billion (2022: $2.93 billion), representing a book value per share of $16.59 (2022: $12.62).
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