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Charter Hall Group (ASX: $CHC) reports 1H FY24 operating earnings growth

Overview of Charter Hall Group's 2024 Half Year Results


Charter Hall Group (ASX: $CHC) has released its 2024 Half Year Results, reporting operating earnings growth and a consistent DPS growth of 6.0% from FY19 to FY24. The 1H FY24 OEPS stands at 41.2cps and DPS at 22.1cps. The company's 5 Year OEPS CAGR from the period 1 July 2018 to 30 June 2024 is based on FY24 earnings guidance of approximately 75.0cps. Additionally, the group's funds management portfolio has shown diversification of equity sources and by sector, with a 4.5-year Property FUM CAGR of 19.5%.

Executive Commentary on Charter Hall Group's Performance


The figures and statistics presented in the 2024 Half Year Results demonstrate our commitment to creating value and generating superior returns for our investor customers. We have achieved margin expansion over 5 years through platform scale, and our funds management margin continues to expand given strong operational efficiency. Despite the expectation of moderate full year margins, we remain confident in our ability to drive deployment and FUM growth through development completions and a strong balance sheet with low gearing at 2.4% and investment capacity of $701 million available for fund creation and growth opportunities.

Summary of Charter Hall Group's 2024 Half Year Results


Charter Hall Group's 2024 Half Year Results reflect a positive outlook with operating earnings growth and consistent DPS growth. The company's strategic pillars focus on accessing equity from listed, wholesale, and retail investors, creating value through attractive investment opportunities, and investing alongside capital partners. The group's funds management portfolio has shown diversification of equity sources and by sector, with a 4.5-year Property FUM CAGR of 19.5%. Additionally, the company's strong balance sheet with low gearing and available investment capacity positions it well for future growth opportunities. Looking ahead, Charter Hall Group reconfirms its FY24 guidance, expecting no material change in current market conditions and aiming for approximately 75 cents in post-tax operating earnings per security and a 6% growth in distribution per security over FY23.

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