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Perpetual Equity Investment Company (ASX: $PIC) announces record interim dividend for 1h24

Overview of Perpetual Equity Investment Company's 1H24 results


Perpetual Equity Investment Company Limited (ASX: $PIC) has declared a record fully franked interim dividend of 4.0 cents per share for the half year ended 31 December 2023. Despite reporting a net operating loss after tax of $3.0 million, the company's prudent capital management is evident with a profit reserve of $97.7 million, providing for 3.2 years dividend coverage after the payment of the interim dividend.

Chairman Nancy Fox's commentary on 1H24 results and dividend announcement


The Board has been strategically managing the Company's profit reserve and balance sheet to ensure we are well positioned to withstand choppy market conditions like we experienced throughout the majority of last year. The record interim fully franked dividend continues the Company's track record of delivering a sustainable income stream. We are delighted that the interim dividend equates to an attractive dividend yield of 7.1% and a grossed up dividend yield of 10.2%, particularly given the current economic environment.

Summary of Perpetual Equity Investment Company's 1H24 performance and outlook


Perpetual Equity Investment Company Limited (ASX: $PIC) has announced a record fully franked interim dividend of 4.0 cents per share, reflecting prudent capital management and a profit reserve of $97.7 million. Despite a net operating loss after tax of $3.0 million, the company's investment portfolio has shown solid performance over 5 years, outperforming the benchmark by 0.6%. Looking ahead, the company believes its profit reserve supports its growth and the value shareholders place on income. The company's investment portfolio performance for the six months to 31 December 2023 was -1.4% compared to the benchmark's 7.5%. However, the company remains optimistic about improved opportunities in 2024, particularly in small and mid-cap stocks, reflecting its conviction in the portfolio's quality and strong return prospects.

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