GQG Partners posts lower NIAT

GQG Partners has reported a 14.4% drop in net income after tax (NIAT) to US$125.3 million while revenue grew 21.3% to US$222.7 million for the period of six months ended 30 June.

At the same time, average funds under management (FUM) increased by 23% to US$91 billion and net operating income went up by 18.3% to US$174.2 million.

The company also reported a positive net inflows of US$6.3 billion despite a challenging market environment with continued industry outflows and overall negative market returns.

“After a significant decline in market in June, we ended the period with $86.7 billion, a 2.4% increase from our 30 June 2021 FUM of $84.7 billion,” GQG Partners chief executive, Tim Carver, said in the announcement made to the Australian Securities Exchange (ASX).

“These positive results, combined with FUM growth in prior periods, led to net revenue growth of 21.3% to US$222.7 million during the first half of this year compared to the first half of 2021.”

The board declared a quarterly interim dividend of US$0.0198 per share, which represented 90% of distributable earnings for the quarter ended 30 June 2022.

“In addition, although markets have experienced significant volatility since the beginning of 2022- our funds under management have remained broadly stable with FUM of US$88.9 billion as at 31 July 2022,” the company said in the announcement.