360 Capital Group (ASX:TGP) Reports Half-Year Profit Surge and Reinforces Dividend
Financial Performance
360 Capital Group reported a 66.2% increase in revenue to $12.3 million for the half-year ended 31 December 2024. Profit attributable to stapled securityholders surged by 167.7% to $3.7 million, reversing a previous loss. Operating profit decreased by 13.2% to $4.1 million.
Distributions and Dividends
The Group declared and paid a fully franked dividend of 2.0 cents per security for the half-year ended 31 December 2024, consistent with the prior period.
Operational Achievements
During the period, 360 Capital Group underwrote $43.5 million in new private credit real estate loans and raised $8.9 million through a placement in 360 Capital Mortgage REIT (ASX:TCF), increasing its market capitalisation by 36.1%. The Group also approved new 10-year investment management agreements for its funds.
Future Outlook
Post balance date, 360 Capital Group announced intentions to undertake an off-market buyback of up to 44.6 million securities at a fixed price of $0.65 per security, funded from existing cash reserves.
Motley Fool contributor Lianne Eastty 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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