BBGI Global Infrastructure SA on Thursday reported a slight drop in its net asset value, but upped its dividend.
The Senningerberg, Luxembourg-based infrastructure investment firm said its NAV per share at December 31 was 147.81 pence, down 1.4% from 149.89p the year before.
BBGI also reported that pretax profit fell 73% to £33.6 million in 2023 from £122.5 million the year before, due to operating income dropping by 70% to £45.9 million from £154.1 million a year ago.
The firm declared a total dividend of 7.93p per share, up 6.0% from 7.48 in 2022. It also set its 2024 dividend target to 8.40p, and its 2025 target to 8.57p.
Looking ahead, BBGI said it is poised to seize the right investment opportunities that are value-accretive.
Chief Executive Officer Duncan Ball said: ‘I remain optimistic about the long-term prospects for BBGI. As governments continue to run deficits and demand for maintaining, repairing, and constructing new infrastructure grows, there is an increasing need for private sector investment in infrastructure, presenting long-term opportunities for BBGI. With our robust balance sheet, a portfolio that generates secure, predictable cash flows surpassing our dividend objectives, and an undrawn [£230 million revolving credit facility] maturing in May 2026, we are well-equipped to navigate evolving markets, with both discipline and ambition, and to deliver attractive value to all our stakeholders.’
Shares in BBGI were down 0.3% to 127.97 pence each in London on Thursday morning.
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