Guardian Holdings Limited(GHL)

Unaudited financials for the six months ended June 30, 2024:

Reported in Trinidad & Tobago Dollars (unless otherwise stated):

Guardian Holdings Limited (GHL) for the six months ended June 30, 2024, reported a 39% increase in net results from insurance activities totalling $401.87 million compared to $288.87 million in the corresponding period last year. Net Results from Insurance Activities for the second quarter had a 47% increase to close at $219.99 million compared to $149.71 million for the comparable quarter of 2023.

Net Income From Investing Activities amounted to $935.96 million (2023: $1.03 billion). Consequently, net insurance finance expenses increased by 1% to $418.08 million compared to $421.36 million for the six months ended June 30, 2023. The company booked net insurance finance expenses of $204.53 million for the second quarter versus $268.59 million reported for the similar quarter of 2023.

Net impairment losses on financial assets closed at $9.93 million (2023: $30.12 million), while Operating Expenses decreased by 2% from $413.42 million in 2023 to $405.70 million in the period under review. As a result, operating profit for the six months ended June 30, 2024, amounted to $510.62 million relative to $505.67 million reported in 2023.

Net Income from all Activities for the six months ended June 30, 2024, amounted to $1.01 billion, a 3% increase relative to $980.79 million reported in 2023. Net Income from all Activities for the second quarter amounted to 453.69 million (2023: $449.77 million).

Share of after-tax profits of associated companies totalled $9.88 million a 45% increase from the corresponding period last year. (2023: $6.82 million).

Finance Charges for the six months ended June 30, 2024, amounted to $93.46 million, a 5% increase relative to $88.70 million reported in 2023. Finance Charges for the second quarter amounted to $49.42 million (2023: $44.14 million).

Profit before Taxation for the six months ended June 30, 2024, had a 7% increase to reach $520.50 million (2023: $512.49 million) . Taxation for the six months amounted to $115.55 million, a 12% decrease from the $131.39 million reported in 2023. For the second quarter, Taxation was $46.04 million (2023: $81.55 million).

Net Profit increased  to $404.95 million (2023: $3381.10 million). Net Profit for the quarter totalled $168.28 million relative to the $124.17 million booked in the prior year’s quarter.

Equity holders of the parent for the period totalled $401.05 million, relative to the $378.25 million reported twelve months prior. For the quarter, Equity holders of the parent amounted to $167.22 million compared to the $122.58 million reported in 2023.

Consequently, Earnings Per Share for the six months amounted to $1.73 (2023: EPS: $1.63), while Earnings Per Share for the quarter totalled $0.72 (2023: EPS: $0.53). The twelve-month trailing EPS was $3.10 (J$71.71), and the number of shares used in these calculations was 232,024,923.

Notably, GHL’s stock price closed the trading period on July 31, 2024, at a price of $348.00 with a corresponding P/E ratio of 4.85x.

Balance Sheet Highlights

The company’s assets totalled $36.14 billion (2023: $34.97 billion). Investment Properties fell to $1.55 billion (2023: $1.56 billion).

Shareholder’s equity was $4.19 billion (2023: $3.45 billion), representing a book value per share of $18.04/J$417.70 (2023: $14.94/ J$338.79).

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