19th Feb 2019 08:35
LONDON (Alliance News) - Renewables Infrastructure Group Ltd said Tuesday its net asset value per share rose, as did its portfolio valuation.
For 2018, the company's NAV per share increased 5.1% to 108.9 pence from 103.6p a year prior. Total return at the end of 2018 stood at 11.6% for the year and 7.8% since the firm's initial public offering in 2013.
The company posted pretax profit of GBP123.2 million, up 37% from GBP90.2 million due to an uplift in the company's portfolio valuation by 17% to GBP1.27 billion from GBP1.08 billion.
"2018 is Renewable Infrastructure's fifth year of operations and was another strong year. Once again, we have been able to deliver attractive returns to our investors with a total NAV and dividends return in the year of 11.6%. The period saw ongoing diversified growth through acquisitions, good asset availability and healthy levels of cash generation," Chair Helen Mahy said.
She added: "In the years ahead we are confident of the company's ability to continue to provide its investors with long-term, sustainable dividends whilst contributing to a lower carbon future."
The company proposed an annual dividend of 6.50 pence per share, up from 6.40p a year ago and in line with its 2018 target.
Renewables Infrastructure shares were trading down 0.5% at 117.20 pence each.
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Renewables Infrastructure Group