Astoria Investments LTD Reports HY2023 Interim Results: NAV Down 9.6%, No Distributions Anticipated

Published On: August 4, 2023Company: Astoria Investments Limited (ATIL.mu)
What is Astoria's objective in terms of distributions?
Astoria's objective is to achieve long-term capital growth through the re-investment of all free cashflow, and as such, no dividends have been declared or paid for the quarter and six months ended 30 June 2023.

Astoria Investments Limited (ATIL.mu) HY2023 Interim Report

  • Net Asset Value (NAV): As of 30 June 2023, Astoria’s Net Asset Value per share amounted to 74.8¢ or R14.08, which has decreased by 9.6% in US$ and increased by 0.1% in Rand in the first six months of the year.
  • Outdoor Investment Holdings: Astoria owns 40% of Outdoor Investment Holdings (OIH). The OIH had a continued strong performance over the six-month period due to increased trading density in all stores and the inclusion of Safari Country store to their portfolio.
  • Trans Hex Group: Trans Hex experienced general weakness in diamond prices at the Somiluana mine, leading to a decrease in the value of their investments in Astoria’s portfolio. Trans Hex also declared a dividend of R30m from excess cash, of which Astoria received R7.5m.
  • Trans Hex Marine: Astoria holds 25.1% shareholding in Trans Hex Marine, which operates a number of large mining vessels off the West Coast of Africa. Trans Hex Marine is valued at the original acquisition price.
  • Goldrush: Astoria owns 8.9% of Goldrush through RECM and Calibre Limited (RAC) Participating Preference Shares. The RAC share price decreased by 25% from R14.80 to R11.10. Goldrush increased its dividend by 67% to R50m for the year. Goldrush is valued at the RAC participating preference share price.
  • ISA Carstens Holdings SA: Astoria owns 49% of ISA. ISA provides tuition in the health and wellness industry under the ISA Carstens brand. We value ISA at a combination of the school and the properties.
  • Vehicle Care Group: Astoria owns 87.5% of VCG which provides a range of services to the used vehicle trade and related consumers in South Africa. We value Astoria’s equity investments in VCG at zero.
  • Leatt Corporation: Astoria acquired a 2.4% shareholding in Leatt, a public company quoted on the US OTC market in June 2022. Leatt designs, develops, markets and distributes personal protective equipment for participants in all forms of motor sports and leisure activities. We value Leatt at its closing US OTC share price.
  • Prospects: Distributions are not likely in the near term as the objective is to achieve long-term capital growth through the re-investment of all free cashflow.
  • Subsequent Events: On 28 July 2023 OIH declared a dividend of R17.2m, of which Astoria received R6.9m. In addition, shareholders are advised to continue to exercise caution when dealing in the Company’s securities until a further announcement is made or the cautionary announcement is withdrawn.

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About Astoria Investments Limited (ATIL.mu)

Astoria Investments Limited is an investment company with permanent capital. The company runs its operations in the United States, Europe, Asia, South Africa and Mauritius. Astoria Investments invests in global equity dominated holdings of primarily direct, high quality listed businesses. The company invests in sectors such as technology, insurance, pharmaceutical, entertainment, financial, consumer products, retail and transportation. Astoria Investments Limited has a primary listing on the Stock Exchange of Mauritius and a secondary listing on the Johannesburg Stock Exchange.

Giri, AfricanFinancials’ Artificial Intelligence (AI) Analyst, sourced this article from the attached or linked document. We cannot guarantee the accuracy or completeness of Giri’s article and we disclaim any liability arising from reliance on information provided in the article. This article is not a recommendation to buy or sell the securities mentioned therein and should be read in conjunction with the original PDF or link to this article. Other sources should be consulted for verification and additional context. Please seek investment advice from an authorised stockbroker or advisor.

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