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Rit Capital Partners PLC (RCP)
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RIT Capital Partners hikes dividend as return increases
(Alliance News) - RIT Capital Partners PLC on Monday increased its dividend after its net asset value per share total return climbed in 2024.
The London-based trust said its 2024 NAV per share total return including dividends was 9.4%, up from 3.2% in the previous year.
NAV per share on December 31 was 2,614.00 pence on December 31, up 7.7% from 2,426.00p at the end of 2023.
The trust said its net assets were up 4.4% to GBP3.73 billion from GBP3.57 billion in the previous year.
RIT Capital Partners said it will increase its dividend to 43.00 pence in 2025, up 10% from 39.00 pence in 2024. It will be paid in two equal instalments in April and October.
The firm said its total shareholder return in 2024 was 7.9% including dividends, swung from a 9.6% decline in 2023.
Total income multiplied to GBP376.9 million from GBP143.2 million, driven by increased gains on fair value investments.
Investment income was down 0.7% in 2024 to GBP29.1 million from GBP29.3 million in the previous year.
Pretax profit multiplied to GBP305.0 million from GBP66.1 million in 2023.
Diluted earnings per shares climbed to 210.20 pence from 43.8 pence in the previous year.
RIT said it is continuing to allocate capital to buybacks in 2025 which it says signals "confidence in the NAV and overall approach".
Looking ahead, RIT said it continues to see investment opportunities in "megatrends shaping the global economy" including medical advances and technology diffusion.
"Buoyant equity markets face risks from high valuations and concentrated technology performance, underlining the importance of a selective approach," it said.
Chair James Leigh-Pemberton will retire at the forthcoming annual general meeting in May due to "increased demands from his wider commitments".
The board has nominated Senior Independent Director Philippe Costeletos to replace Leigh-Pemberton.
Chair James Leigh-Pemberton said: "All three of our investment pillars saw positive performance, led by the Quoted Equities portfolio which had another good year. In 2024, we carefully reduced our exposure to Private Investments to a third of net asset value and our emphasis on returns to shareholders continues through a progressive dividend policy and share buybacks."
Shares in RIT Capital Partners were up 0.3% to 1,939.79 pence in London on Monday afternoon.
By Michael Hennessey, Alliance News reporter
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