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BBGI Global Infrastructure SA on Wednesday lifted its interim dividend and confirmed it is targeting further increases in the coming years, as asset values rose in the first half of 2022.
The infrastructure investor said net asset value on June 30 was 149.8 pence per share, up 6.5% from 140.7p on December 30, and up 8.7% from 137.8p on June 30, 2021.
Further, pretax profit climbed to £93.5 million from £26.0 million a year prior. Revenue surged to £128.1 million from £32.6 million.
The Luxembourg-based company declared an interim dividend of 3.74p per share, up 2.0% from 3.665p a year ago, and confirmed its annual targets for the next three years, aiming to pay a total of 7.48p for 2022, 7.63p for 2023 and 7.78p for 2024.
Citing ‘resilience in an uncertain world’ due to its diversified portfolio of 55 public-private partnership infrastructure assets, it noted that a ‘consistently high level of asset availability rate of 99.9% was maintained. Investment portfolio remains 99.5% operational with all our investments located in highly-rated investment-grade countries with stable, well-developed operating environments. The portfolio has no exposure to demand-based or regulated investments.’
Further, it added that equity cash flows are positively linked to inflation, ‘resulting in a £47 million increase in NAV’ over the six-month period.
Commenting on BBGI Global Infrastructure's performance, Chair Sarah Whitney said it ‘highlights the portfolio's genuine high-quality inflation-linkage. This contributed to a NAV per share increase of 6.5% or 9.1 pence in the reporting period.’
The company added that it expects the completion of its 49% interest purchase in the A7 German motorway to occur in the third quarter of 2022. The transaction is about £40 million.
BBGI Global Infrastructure shares were 0.5% higher at 162.46 pence each in London on Wednesday morning.
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