HICL Infrastructure on Wednesday (May 22, 2019) said its Net Asset Value (NAV) per share increased by 5.3% to 155.5 pence per share (excluding Target Q4 dividend). Its NAV stood at 147.6 pence in the year-ago period. However, the NAV total return was above the expectations and stood at 10.8% against 5.7% in FY18.
The infrastructure investment company’s income surged by 100.4% to £324.1 mn against £161.7m in the corresponding previous year. Pre-tax profit jumped by 163.6 mn to £285.7 mn from £122.1 mn reported last year.
Reported earnings per share for the year surged to 15.9 pence and recorded an increase of 130.4% against 6.9 pence per share in FY18. The group reported a gain of £8.1 mn on account of foreign exchange against a loss of £12.0 mn in FY18.
On a YoY basis, finance costs declined to £4.2 mn against £5.2 mn in the previous financial year and investment advisor fees reduced to £28.7 mn against £30.9 mn in FY18.
During the FY19 ended on March 31, 2019, the number of investments in the portfolio increased to 118 from 116. The group took new positions in the Paris-Sud University PPP- France, Belfast Metropolitan College PPP and the Burbo Bank Extension Offshore Transmission Owner (OFTO) respectively, and two incremental investments in the N 17/18 Road PPP and A63 Motorway.
The group reduced its stake by 100% in Highlands School PPP and decreased 9.7% stake in the AquaSure Desalination PPP.
During the financial year 2019, the group managed to acquire rights to exercise an investment in the Blankenburg Connection PPP, Netherlands, although the infrastructure investment group was not able to complete the transaction by the end of FY19.
Share Price Performance
Daily Price Chart (as on May 22, 2019), before the market close. (Source: Thomson Reuters)
At the time of writing (before the market close, at 04:14 PM GMT), shares of HICL were quoting at GBX 159.2 and added around 0.37 per cent against the previous day closing price.
Shares have registered a 52w high of GBX 170.30 and a 52w low of GBX 139.40. At the current market price, as quoted in the price chart, shares were trading slightly below the 30-day, 60-day and 200-day simple moving average price.
Shares of HICL has delivered around 8.78 per cent in the last one year but declined around 5.76 per cent in the last three months.
From the volume standpoint, the 5-day average volume traded on the LSE was around 34.81 per cent above the 30-day average volume traded on the London Stock Exchange.
The outstanding market capitalisation of the company stood at around £2.84 bn, and the dividend yield of the company stood at 5.04%, which is considerably above the FTSE 100 dividend yield.