On Tuesday, 28 May 2024, UIE Plc. announced its financial results for the first quarter of 2024.
Highlights from Q1 2024:
UIE achieved a net result of USD 28.4 million in the first quarter of 2024, driven by a highly satisfactory operational performance from UP, as well as a fair value increase of the investment in Greenbridge.
UP
- UP reported a net profit of MYR 133.5 million, reflecting an increase of 19% compared to the first quarter of 2023 due to higher sales prices and increased pro-duction of CPO. However, when measured in USD, the increase was only 12% due to a weaker MYR.
- The share of UP's net profit was USD 13.6 million in the first three months of 2024, which was USD 1.5 million higher than the USD 12.1 million reported in the first quarter of 2023.
Schörling
- The fair value of UIE's investment in Schörling was SEK 2,400 million, representing an increase of 6% (or a gain of SEK 136 million) in the first quarter of 2024 compared to an increase of 9% (or a gain of SEK 172 million) in the first quarter of 2023.
- When measured in USD, the fair value of UIE's invest-ment in Schörling amounted to USD 225.6 million at the end of March 2024 - a marginal increase of USD 0.1 million since year-end 2023.
Greenbridge
- The fair value of UIE's investment in Greenbridge amounted to USD 60.8 million at the end of March 2024. This corresponds to an increase of USD 12.3 million, or 25%, since year-end 2023.
- The increase in fair value is due to UIE investing an additional USD 5.2 million as well as a fair value adjust-ment of USD 7.1 million, as the valuation parameters were affected positively by the general equity markets as well as a continued growth within the portfolio companies.
Please download the full First Quarter Report 2024 or visit www.uie.dk for further information.
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