12th Nov 2024 11:36
(Alliance News) - 3i Infrastructure PLC on Tuesday said it remains on course to meet its full-year dividend and portfolio value return targets, after a positive return in the first half.
The Jersey-based infrastructure investment trust, managed by 3i Investments PLC, reported a net asset value total return of 5.1% for the six months ending September 30, slowed from 6.3% a year previous.
3i Infrastructure said the half-year total return positions it ahead of its annual target return range of 8% to 10%. The company attributed its positive performance to the strategic positioning of its portfolio companies.
NAV per share rose 3.4% to 374.7 pence as of September 30 from 362.3p on March 31.
The interim dividend per share was 6.33p, 6.4% higher than 5.95p a year prior. The half-year payout represents half of the trust's full-year target of 12.65p, reflecting a 6.3% increase on 11.90p in financial 2024.
3i Infrastructure said it is on track to achieve its full-year dividend target and meet its target return for the current year.
Early last month, 3i Infrastructure announced a binding offer from AIP Management PS and other co-investors to buy its 33% stake in French renewable energy company Valorem SAS. Expected to close in early 2025, the sale will bring in around EUR309 million to 3i Infrastructure, a 15% increase from the book value of the stake in March and 31% above its value in September last year.
Proceeds from the sale will be used to reduce 3i Infrastructure's revolving credit facility balance, which was GBP900 million as of September 30 and is set to mature in November 2026.
Shares in 3i Infrastructure were down 0.2% at 336.00 in London on Tuesday morning.
By Eva Castanedo, Alliance News reporter
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