Business
Patria Reports Second Quarter 2024 Earnings Results
GRAND CAYMAN, Cayman Islands, Aug. 01, 2024 (GLOBE NEWSWIRE) -- Patria (Nasdaq:PAX) reported today its unaudited results for the second quarter ended June 30,
About this update from Patria Investments Limited
[{"type":"text","content":"GRAND CAYMAN, Cayman Islands, Aug. 01, 2024 (GLOBE NEWSWIRE) -- Patria (Nasdaq:PAX) reported today its unaudited results for the second quarter ended June 30, 2024. The full detailed presentation of Patria's second quarter 2024 results can be accessed on the Shareholders section of Patria’s website at https://ir.patria.com/. Alex Saigh, Patria’s CEO, said: “The 2nd quarter of 2024 was a very busy quarter as we continued to make solid progress towards our near and long-term goals. Fee Related Earnings reached $40 million dollars, representing a 17% increase from 2Q23. We delivered close to $34 million dollars of Distributable Earnings, or 22 cents per share. We continued to grow and diversify our platform as we organically raised $2.2 billion dollars over the first half of 2024 and approximately $5 billion over the last twelve months, in addition to multiple inorganic initiatives. As previously announced, during the quarter we closed on the acquisition of abrdn’s private equity solutions business, and since the end of the quarter we completed the transition of the Credit Suisse real estate business in Brazil, closed on the acquisition of Nexus Capital which further strengthened our real estate platform in Colombia, and just today concluded our acquisition of the 50% of VBI we did not already own. Of note, we are excited to announce an important update to our capital management strategy and our intention to repurchase up to 1.8 million shares over the next twelve months as we look to maximize returns to shareholders. Overall, I am even more confident that we will reach our 2024 target for Fee Related Earnings of at least $170 million dollars, on the way to generating $200 to $225 million of FRE in 2025.” Financial Highlights (reported in $ USD) IFRS results included $0.8 million of net income attributable to Patria in Q2 2024. Patria generated Fee Related Earnings of $39.5 million in Q2 2024, up 17% from $33.8 million in Q2 2023, with an FRE margin of 56%. Distributable Earnings were $33.8 million for Q2 2024, or $0.22 per share. Dividends Patria has declared a quarterly dividend of $0.15 per share to record holders of common stock at the close of business on August 19th, 2024 in accordance with our new capital management strategy. This dividend will be paid on September 9th, 2024. Conference Call Patria will host its second quart...