Washington H Soul Pattinson & Company Limited: FY23 Results Update

Washington H. Soul Pattinson and Company Limited (ASX: SOL), has unveiled its fiscal year 2023 financial result. During FY23, the company underwent substantial transactional activities and strategically shifted its portfolio towards private market investments. The firm presented robust outcomes, marked by an increase in Net Asset Value and Net Cash Flow from Investments. A fully franked final dividend of 51 cents per share was declared, continuing a remarkable 23-year streak of increasing dividends, bringing the total ordinary dividends for FY23 to 87 cents per share.

In terms of financial results, Group Statutory Profit amounted to AU$690.7 million, showing a substantial increase of AU$703.6 million compared to the prior corresponding period, largely due to a one-off, non-recurring impairment related to the Milton merger in the previous period. The Group's Regular Profit after Tax for FY23 was AU$759.3 million, marking a 9.0% decrease compared to the prior year. Net Asset Value (pre-tax) surged by 8.8% to reach AU$10.8 billion in FY23 compared to the prior year, delivering a total portfolio return of 12.3%, which outperformed the All-Ordinaries Index by 1.2% over the 12-month period ending on July 31, 2023.

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