Media OutReach – 12 August 2023 – Yangzijiang Financial Holding Ltd. (SGX:YF8) reported an impressive first half of 2023, with total income soaring 14.2% year-on-year to S$198.4 million and net profit to equity holders of the Company increasing 19.2% to S$162.5 million. This was bolstered by a net gain of S$34.5 million in fair value of financial assets as compared to a S$19.0 million fair value loss in the first half of 2022. Diluted earnings per share (EPS) also skyrocketed 27.2% to SGD4.39 cents in 1H2023 compared to SGD3.45 cents in 1H2022, partly due to a 6.2% year-on-year decline in the weighted average number of ordinary shares outstanding to 3.65 billion shares.
The Group’s Maritime Fund, which has since been enlarged from US$500 million to US$600 million, has closed 12 deals, committed an amount of US$173.8 million, and invested US$109.3 million, achieving an internal rate of return (IRR) of 16.4% and return on equity (ROE) of 17.7%.
CEO Vincent Toe commented: “The Group’s international portfolio has gotten off to a great start and we are currently reaping the rewards of our investments. Our diversified set-up for this portfolio, currently spanning across 4 different asset types, is designed to reduce portfolio volatility while still achieving strong returns for all our stakeholders in the long-run.”
Executive Chairman Ren Yuanlin added: “We are confident that our strong financial position in a volatile market will enable us to capitalise on suitable investment opportunities as and when they arise, both within and beyond China.”
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