GQG Partners (ASX:GQG) Reports 2024 Full Year Results
Financial Performance
GQG Partners reported funds under management of US$153.0 billion for the full year 2024, marking a 26.9% increase from the previous year. Net revenue rose by 46.9% to US$760.4 million, while net operating income grew by 50.4% to US$577.9 million.
Dividend Declaration
The board declared a 4th quarter 2024 final dividend of US$0.0378 per share, maintaining a 90% payout ratio of distributable earnings. The 3rd quarter 2024 interim dividend was US$0.0348 per share, also at a 90% payout ratio. The board has approved expanding the dividend payout range to 50-95% of distributable earnings.
Business Overview
All four primary strategies outperformed their respective benchmarks over 3-, 5-, and 10-year periods. Twelve funds received Morningstar Gold or Silver Medal ratings. GQG’s AUS Global Equity net fund flows led its Morningstar category, and the UCITS complex surpassed US$8 billion in funds under management, increasing by 35% since December 31, 2023. The company maintains a headcount of 236 employees.
Strategic Initiatives
GQG Partners successfully closed US$93 million in initial funding for the PCS Master Fund, which will repay loans and be deconsolidated from GQG. The firm also renamed its Quality Dividend Income strategies to Quality Value to better reflect their value-oriented nature. The PCS portfolio companies continue to perform well, with plans to raise significant capital in the coming years. The PCS team is expanding with robust deal pipelines and strong fundraising momentum projected for 2025.
Future Outlook
GQG Partners expressed optimism for 2025, citing a robust pipeline of potential deals and sustained growth in its distribution channels. The company aims to enhance operational efficiencies and expand its distribution platform to support new products and strategies.
Motley Fool contributor Abbie Stokes has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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