On Tuesday, 19 November 2024, UIE Plc. announced its financial results for the first nine months of 2024.
Highlights from Q3 2024:
UIE achieved a net result of USD 82.4 million in the first nine months of 2024, mainly driven by record result from UP, as well as a fair value increase of the investments in Schörling and Greenbridge.
UP:
UP reported a record net profit of MYR 536.5 million, reflecting an increase of 5% compared to the first nine months of 2023 due to higher sales prices and lower production costs. When measured in USD, the increase was 7% due to a stronger MYR.
UIE's share of UP's net profit was USD 57.1 million in the first nine months of 2024, which was USD 3.7 million higher than the USD 53.4 million reported in the first nine months of 2023.
Schörling:
The fair value of UIE's investment in Schörling was SEK 2,352 million, representing an increase of 4% (or a gain of SEK 88 million) in the first nine months of 2024 compared to a decrease of 5% (or a loss of SEK 106 million) in the first nine months of 2023.
When measured in USD, the fair value of UIE's investment in Schörling amounted to USD 233.0 million at the end of September 2024 - an increase of USD 7.5 million since year-end 2023.
Greenbridge:
The fair value of UIE's investment in Greenbridge amounted to USD 61.2 million at the end of September 2024. This corresponds to an increase of USD 12.7 million, or 26%, since year-end 2023. The value increase is due to UIE investing an additional USD 5.2 million and a fair value adjustment of USD 7.5 million, as the valuation parameters were affected positively by the general equity markets and continued growth within the portfolio companies.
Please download the full Third Quarter Report 2024 or visit www.uie.dk for further information.
